A ceasefire between Israel and Hamas took effect this week, drawing increased focus on the potential easing of disruptions in the Red Sea. For now, shipping companies remain in a wait-and-see stance, with no immediate changes in routing patterns anticipated. However, the ceasefire is likely to ease geopolitical tensions around the Red Sea corridor, which has faced ongoing disruptions due to regional instability. If the truce holds, risk perception among insurers is expected to decline, leading to lower war-risk premiums for vessels travelling through the Suez Canal. In the broader context, reduced geopolitical risk in the Middle East would also support smoother oil flows and lower volatility in tanker employment, benefiting both spot and time charter markets.