Unarmed merchant ships were attacked this month in the Red Sea and Gulf of Aden. Ships were shot at and sometimes hit with drones and missiles, and a car carrier was boarded and hijacked. Much of the violence came from Houthi rebels in Yemen and related to the Gaza War, but another ship was seized in the area, apparently by Somali pirates. The attacks have slowed commerce as calls for US and allied naval protection grew louder. At another chokepoint, the Panama Canal reduced transits, just as holiday container volumes turned positive. That and much much more in this holiday issue.