Recent Ship Attacks Lead Star Bulk to Steer Clear of the Red Sea

Greece-based Star Bulk has announced that it will suspend sailings through the Red Sea after two of its ships were attacked by Yemen’s Iran-aligned Houthis. The attacks, carried out with drones and missiles, are part of the Houthi’s acts of solidarity with Palestinians against Israel in the Gaza war. Star Bulk’s CEO, Petros Pappas, stated that the company will no longer pass through the Suez Canal due to being a target of the Houthis as a U.S.-registered public company.

Pappas revealed that the charterers of two separate ships advised that they had to follow the charter group and send the ships through Suez, despite the attacks. The first ship was attacked three times, while the second ship was already passing through Suez and had to go ahead and was attacked. The attacks have led to increased war risk insurance premiums, prompting the company’s decision to no longer sail through the Red Sea.

The Houthis have targeted ships with trade ties to the United States, Britain, and Israel, leading to the suspension of sailings through the Red Sea by Star Bulk. The attacks have brought about heightened insurance premiums for war risks, influencing the company’s decision to avoid Red Sea sailings. This development comes as a response to increasing security concerns and risks posed by the Houthi attacks in the region.

Source .