Operations at a Red Sea port in Yemen used for aid imports have fallen to about a quarter of its capacity, a UN official said on Tuesday, adding it was not certain that a Gaza ceasefire would end attacks between the Iran-backed Houthis and Israel.

Ships not linked to Israel could begin returning to the Red Sea in as little as two weeks, DP World's deputy chief executive said, adding that could see freight prices "come crashing down".

Hapag-Lloyd reiterated it will return to the Red Sea "when it is sufficiently safe to do so," while Maersk said it was too early to speculate.

Yemen's Houthis have indicated they will restrict their Red Sea attacks to vessels linked with Israel amid a ceasefire in Gaza.

The second reason is politics. The Houthis have made it clear that any re-opening of the route is contingent on the modalities and progress of the ceasefire between Israel and Hamas, the implementation of which began on Sunday. “There are still many ifs and buts to the situation,” the executive said.

Yemen's Iran-backed Huthi rebels said Tuesday they would limit their Red Sea attacks to vessels linked to Israel during the ceasefire in the Gaza war.

Yemen’s Houthi rebels said they have released the crew of the Galaxy Leader, a vehicle carrier seized in November 2023 at the start of their campaign in the Red Sea corridor. The rebels said they released the sailors after mediation by Oman.

Yemen's Houthi rebels announced they will direct attacks only towards Israeli-linked ships in the Red Sea following a Gaza ceasefire. They halted previous sanctions on other vessels, having targeted about 100 since November 2023 amid the Israel-Hamas conflict.

Following the ceasefire agreement between Israel and Hamas, Yemen's Houthi rebels have also declared a truce in the Red Sea. The Houthis, who receive support from Iran, have announced an end to their attacks in this strategically significant trade route.

The Houthi rebels in Yemen have announced plans to limit their Red Sea attacks to ships affiliated with Israel as a ceasefire in Gaza entered its second day on Monday. The announcement, via email, follows weeks of reduced maritime assaults but leaves global shippers cautious about reentering the crucial route between Asia and Europe.

Despite recently touting a Suez route, Mediterranean Shipping Company (MSC) said it will stick to Cape of Good Hope until further notice.