During a recent seminar, senior market analyst Jakub Walenkiewicz discussed the impact of disruptions on the shipping market, highlighting how unpredictability has driven key developments. He challenged traditional economic models, noting the influence of geopolitical events like the Russian invasion of Ukraine. Walenkiewicz emphasized the cash surpluses and shifting dynamics in the sector.
The UKMTO reported a suspicious incident of an unmanned surface drone approaching a merchant vessel near Yemen, ending an 18-day break in Houthi attacks. The drone was seen south of Al Mukha in the Bab El Mendeb Strait before the vessel left due to erratic behavior. The UK and US airstrikes may have impacted Houthi activities temporarily, according to experts.
The surge in insurance costs for vessels passing through the Red Sea since early September is due to heightened risks of attacks by Yemen’s Houthis. This has led to insurers suspending coverage and increasing war risk premiums to as much as two percent of a ship’s value. Challenges for ships seeking coverage in the region are on the rise.
The Greek-registered oil tanker MT SOUNION faced a crucial moment in its salvage operation as it was towed to safety in the Red Sea. Despite successful towing, flames continued to emanate from the vessel. Concerns over potential oil spills and environmental damage heightened as efforts to transfer the cargo and prevent disaster continued.
The Greek oil tanker MT SOUNION, carrying 1 million barrels of crude oil, was rescued in the Red Sea after a Houthi attack. The EU-led Operation ASPIDES ensured a successful towing operation without oil leakage. Environmental concerns are high, as a potential spill could be catastrophic. ASPIDES continues to monitor and protect against further attacks.
The Greek-registered oil tanker, SOUNION, damaged by Houthi militia attacks, is undergoing a salvage operation in the Red Sea. The vessel is being towed to safety after connecting to tugs. The 900-foot-long ship carrying a million barrels of oil caught fire due to explosive devices. Environmental concerns remain as the salvage process progresses.
The owner of the Saudi Arabian oil tanker denied being the target of a Houthi attack in the Red Sea. Despite being near another attacked ship, the Amjad remained undamaged. US Central Command confirmed the attacks on two oil tankers, including the Blue Lagoon I. The Houthis claimed responsibility for one attack but not the other.
On 2 September, a merchant vessel near Yemen’s Saleef was hit by two missiles according to UKMTO. Despite damage, the crew controlled the situation, avoiding injuries. This incident highlights the risks in the region, where tensions threaten maritime security. International efforts are focused on protecting ships and crews from further attacks, emphasizing the need for vigilance and safety protocols.
Yemen’s Houthi militias targeted the MV Groton with rockets in the Gulf of Aden, the second assault on the vessel. The crew was unharmed, and the ship undamaged. The militants have been conducting attacks in solidarity with Palestinians, posing a threat to maritime trade activities in the region. Diplomatic resolutions are needed to safeguard maritime security.
A Greek-registered oil tanker, Sounion, faces salvage operation in the Red Sea after an attack by Houthi militants. The vessel carries a million barrels of crude oil and explosives. Efforts are underway to prevent an environmental disaster. Greece notified the UN of a potential oil spill. Salvage crews are set to move the vessel with EU support.
Insurance costs for ships passing through the Red Sea have surged after attacks by Yemen’s Houthis on tankers, sparking fears of environmental harm. The recent missile attack on the Greek-flagged vessel, Sounio, led to an oil leak and raised concerns about further incidents. War risk premiums have spiked, with insurers reassessing coverage in the region.
The Greek-flagged oil tanker Sounion was attacked in the Red Sea, causing a fire and loss of power. Two small boats targeted the vessel, hitting it with projectiles and disabling its engine. Despite a brief exchange of fire, the crew escaped unharmed. Similar attacks are believed to be linked to the conflict between Israel and Hamas, leading to disruptions in international shipping routes.
The U.S. Treasury Department’s OFAC imposed new sanctions on companies aiding Iranian goods shipment to Yemen and UAE under Sa’id al-Jamal’s direction. The move targets funding sources for designated terrorist groups Houthis and IRGC-QF, funded by al-Jamal’s network. Updates to the SDN list include the vessel NOTE previously named ARTHUR, involved in these operations.
The British Office of Maritime Trade Operations reported a rare rocket-propelled grenade attack on a merchant ship in the Strait of Bab el-Mandeb. Despite the explosion, the ship and crew were unharmed. The incident, involving Iran-backed Houthi rebels, occurred 45 nautical miles south of Al Mukha in Yemen. Authorities are investigating.
The Iran-aligned Houthi movement has claimed responsibility for attacking the MV Groton in the Gulf of Aden and downing a U.S. MQ-9 drone in Saada province. These actions, the first since an Israeli airstrike in July, illustrate the escalating tensions and military capabilities within Yemen’s ongoing conflict and region-wide instability.
