If this deal is confirmed, ultimately with the return of major Chinese shipping companies to the area, then we should pack our toys because we are done. China will monopolize the Europe-Asia trade. Sure some European shipping companies, like the French CMA CGM, will occasionally sail under escort through the Red Sea, but for other players it will be far more beneficial to either use the Chinese to ferry their goods for them, or re-register their ships, or even companies, under the Chinese flag - with all the revenue that it entails going into Beijing's coffers.
And there's more to it than just the economy, all of this will have geopolitical consequences: if a Chinese flag alone, offers more security than a US carrier group then what good are the American security guarantees worth ? If we can not stop Houthis from stifling commerce in the Red Sea, then what we are supposed to do if one day the Chinese Navy decides to blockade Taiwan ?