Commentary Breakbulk & Project Cargo
Escalating concern
By Susan Oatway
The number of multipurpose and heavy-lift( MPV / HL) vessels transiting the Bab el- Mandeb Strait has slumped after a spring rally, a direct consequence of the renewed attacks on commercial ships in the Red Sea.
Exclusive research of S & P Global Market Intelligence data undertaken by the Journal of Commerce revealed a 21 % drop in transits through the southern entrance to the Red Sea, from mid-June to mid-July. S & P Global is the parent company of the Journal of Commerce.
The Houthi attacks on the bulk carriers Magic Seas and Eternity C on July 6 and 7 were the first significant attacks on
China-based MPV / HL carriers account for bulk of Red Sea transits
Share of multipurpose / heavy-lift( MPV / HL) transits through Bab al-Mandab Strait by operator base country, May 17 – July 17, 2025
44.1 % China 11.0 % Ethiopia 8.7 % Turkey 3.1 % Egypt 3.9 % France commercial shipping since November 2024 and marked the first sinking of a vessel since June 2024. The escalation occurred against the backdrop of ongoing geopolitical tensions in the Middle East, prompting shipowners to increasingly reroute vessels toward the Cape of Good Hope route around southern Africa.
Transits through the Bab el-Mandeb Strait started to pick up from a low of 48 in March 2025 to June’ s high of 71 MPV / HLs, according to S & P Global data.
The ongoing issues in the region have impacted trade flows for the breakbulk and project cargo sector; indeed, over the last 11 months, the type of MPV transiting the Red Sea has fundamentally changed. In the 2024 fourth quarter, 32 % of these vessels were heavy-lift capable. That rose to 36 % in the first quarter and 42 % in the second quarter, according to the data.
This suggests that some project carriers had returned to the Bab el-Mandeb Strait route before the most recent attacks. The Journal of Commerce defines heavy-lift as vessels capable of a lift in excess of a 240-metric-ton safe working load.
3.9 % Russia 1.6 % Saudi Arabia
23.6 % Other
Source: S & P Global Market Intelligence Network © 2025 S & P Global
Fewer MPV / HLs taking Red Sea route after June attacks
Multipurpose / heavy-lift( MPV / HL) vessel transits through Bab al-Mandab Strait
79
75
70
65 45 60
L
55
50
45 |
L |
Nov |
Jan 2025 |
Mar |
May |
Jul, 2025 |
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|
|
Rate per day |
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Source: S & P Global Market Intelligence Network
© 2025 S & P Global
18 Journal of Commerce | September 2025 www. joc. com