Red Sea Trade Shock: Yemen’s Iran-aligned Houthis say they’re enforcing a naval blockade on Saudi ports and targeting tankers, pushing shipping operators to cut sailings and raising fears of a “double choke point” with the Strait of Hormuz—an outcome that can quickly lift insurance costs and global freight bills. Djibouti in the Line of Fire: With Bab el-Mandeb running between Yemen and Djibouti/Eritrea, any disruption hits the corridor feeding the Suez Canal; one report notes the Bab el-Mandeb risk can add days to Asia-Europe routes and feed inflation. Port & Supply-Chain Costs: A Yemeni transport minister claims Saudi actions and inspections have driven Red Sea Ports Corporation losses above $12bn, with container delays in Djibouti lasting months and imports collapsing. Germany Pulls Back: Germany is withdrawing two ships stationed in Djibouti (Fulda and Mosel) to the eastern Mediterranean, saying conditions for a Strait of Hormuz mission aren’t stabilizing fast enough. Djibouti Business Move: Tiryaki Agro and Djibouti’s Ports and Free Zones Authority sign an MoU to modernize and expand the Port of Tadjourah, including a future concession framework. Regional Security Talks: The US is intensifying talks with Somalia and Eritrea to strengthen Red Sea security around Bab el-Mandeb.