Turkey / PKK Ceasefire Rumors and Houthis Suspend Read Sea Attacks

Andrew Sheves Good morning. A brief reprieve from the Trump whirlwind…

🇹🇷 The Middle East Institute’s Gönül Tol is reporting that **a deal between the Turkish government and the PKK is planned **that would see the Kurdish group cease military operations on February 15th. In return, there would be an amnesty in Turkey and a redrafting of the constitution to provide greater recognition of the Kurds. The full post follows.

](https://x.com/gonultol/status/1882126703339991391)Gönül Tol on X

This would be a huge development if it came through as planned and would significantly change not just Turkey’s security but the dynamics in Northern Syria and Kurdistan. Follow Gönül Tol on X for more (and add Charles Lister for coverage of Syria).

🚢 Cargo ship Galaxy Leader was released by Yemen’s Houthis in response to the Gaza peace deal. The ship and crew had been held since December 2023, and a message from the Houthi leadership announced an immediate cessation of attacks on ships, less those few Israeli-owned or Israeli-flagged vessels, which are still considered targets until the full ceasefire is implemented. [More - Bloomberg]

Comment - Free movement through the Red Sea would shave 10-14 days off transit times from Asia to Europe and should drop cargo costs significantly in the near term, although it is noteworthy that the Houthis could restart attacks at any point there is a breakdown of the Gaza ceasefire. Business might want to holds off rerouting all materials until the longevity of the ceasefire is clear. It is also recommended that higher-than-normal supply levels are maintained close to the point of use.

Freight prices over the last 24 months via Freightos

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Singapore has continued to solidify its position as a global trade hub, with Swiss construction materials group Sika announcing new plants in both Singapore and China, highlighting the c

Carpe tomorrow!