West Point's Combating Terrorism Center's Sentinel published in October 2024 an analysis titled "A Draw Is a Win: The Houthis after One Year of War" by Michael Knights, The Washington Institute for Near East Policy.
Between February and August 2024, an average of 852 ships per month transited the Red Sea compared to pre-war levels of more than 2,100 ships per month. The article provides an especially good analysis of the rationale the Houthis use to target ships passing through the Red Sea.
Of the ships that continue to transit the Red Sea, the Houthis are attacking less than 5 percent of them. The Houthis claim they only attack ships with a connection to Israel, the United States, and the United Kingdom. But, in fact, the Houthis have attacked ships with a variety of connections, including those from China, Russia, and Iran.