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Red Sea Shipping Crisis: Industry urges immediate response to Houthi attacks

Red Sea Shipping Crisis: Industry urges immediate response to Houthi attacks

Posted on June 21, 2024   |  

The shipping industry is urgently calling for action in the Red Sea following Yemen's Houthi militants sinking a second vessel. 

They emphasize the immediate need to protect merchant ships from escalating attacks.

Houthi militants, aligned with Iran, have launched over 70 attacks since November, targeting the Red Sea trade route. 

The Greek-owned Tutor coal carrier, attacked on June 12 by Houthi militants using missiles and an explosive-laden remote-controlled boat, has been confirmed sunk. 

Houthi attacks in June increased to 10, up from 5 in May, indicating a significant escalation in the frequency.

Insurance premiums for ships navigating the Red Sea are expected to rise following the sinking of a second vessel, adding to voyage costs after earlier decreases from around 1% to 0.7% of the ship's value this year.

The Houthis justify their attacks in solidarity with Palestinians in Gaza and have targeted international shipping accessing the Suez Canal through the Red Sea since November.



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