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Ship insurers cautious on covering US & UK vessels for war risks in Southern Red Sea

Ship insurers cautious on covering US & UK vessels for war risks in Southern Red Sea

Posted on January 22, 2024   |  

Houthi militants, in response to US and UK airstrikes, are attacking commercial ships more frequently. 

As a result, insurers are excluding vessels linked to the US, UK, and Israel in this region.

The southern Red Sea is facing security challenges, with Western naval forces advising against merchant shipping due to heightened risks.

Recent incidents involve attacks on the Greek-owned Zografia and the US-owned Gibraltar Eagle, leading major ship owners to pause their voyages.

Shell Plc and Mitsui OSK Lines Ltd. have stopped tanker transits in the region, and Japanese shippers Nippon Yusen KK and Kawasaki Kisen Kaisha Ltd. are suspending routes.

Despite insurance exclusions, vessels facing damage to cargo holds or superficial harm continue to receive coverage while navigating through the Bab el-Mandeb.



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