Two months of missile, drone and hijacking attacks against civilian ships in the Red Sea have caused the biggest diversion of international trade in decades, pushing up costs for shippers as far away as Asia and North America. The disruption …
Some ship insurers are starting to avoid covering US and UK merchant ships against war risks when they navigate the southern Red Sea, another sign of blowback since the two nations’ airstrikes on Yemen last week. Houthi militants have stepped …
Houthi militants hit a US-owned commercial vessel with an anti-ship ballistic missile on Monday, underscoring warnings that the world’s most important trade artery remains too risky for navigation. The Gibraltar Eagle, sailing under the flag of the Marshall Islands, was …
Half of the container-ship fleet that regularly transits the Red Sea and Suez Canal is avoiding the route now because of the threat of attacks, according to new industry data. The tally compiled by Flexport Inc. shows 299 vessels with …
The cost of insuring vessels that will transit the Red Sea jumped again this week after mounting attacks in the region forced some ships to avoid the vital waterway, underscoring the need to secure an area that’s pivotal to global …
Shipping in the Red Sea is grinding to a halt with oil tankers idling and container vessels rerouting around Africa as violence linked to the Israel-Hamas war threatens to undermine the global economy. Two European oil and gas giants said …
One of the world’s most-influential insurance markets added Guyana to its list of the riskiest shipping zones amid an escalating territorial dispute with neighboring Venezuela. The decision announced by Lloyd’s Market Association’s Joint War Committee on Monday applies only to …
Armed guards on a fuel tanker exchanged gunfire with a small boat in the Red Sea, another sign of escalating risks in one of the world’s most crucial waterways. The frequency of attacks in the maritime corridor handling about 12% …
Fresh attacks on vessels in the Red Sea are raising insurance premiums for ships in the region and menacing commerce in a conduit for 12% of world trade. War-risk premiums for some vessels have been climbing since shortly after the …
A spate of attacks on merchant shipping near Yemen and Somalia, likely triggered by the war in Gaza, have prompted the US to warn vessel operators to be extra careful when navigating the region. On Nov. 19, Houthis seized of …
