Dryad Global’s latest maritime intelligence brief highlights several rising global risks, including a drone strike on Russia’s largest Baltic oil terminal, expanded U.S. sanctions against the Houthis, and a broader range of security threats.
Baltic Sea: Primorsk Oil Terminal Attacked
On September 12-13, a Ukrainian drone strike targeted the Primorsk oil terminal, located about 900 km from the border. The terminal, Russia’s largest in the Baltic Sea, handles approximately 1 million barrels of crude oil and 300,000 barrels of diesel per day. The attack damaged two Aframax tankers and a pumping station, temporarily halting operations. While the terminal resumed partial operations on September 15, the strike demonstrates Ukraine’s growing capability to conduct long-range attacks. Repeat strikes on this terminal, or others, could force costly rerouting of oil exports, complicate sanctions-evasion logistics, and create localized rate and insurance friction in the Baltic.
Red Sea: Expanded Sanctions Against Houthis
On September 11, the U.S. Treasury’s Office of Foreign Assets Control (OFAC) unveiled its most extensive sanctions package to date against the Houthi maritime network. The sanctions target 32 individuals and entities and identify four vessels involved in the Houthis’ illicit shipping, procurement, and financing operations. The goal is to disrupt the Houthi supply chains for missiles and drones.
The Red Sea threat has severely disrupted global trade, with container volumes down by about 75% and approximately 95% of ships rerouting around Africa, adding 10-14 days to a voyage and costing an estimated $1 million in extra fuel per trip. If the sanctions are effective, they could help to stabilize the Red Sea threat picture, potentially compressing transit times and easing war-risk premiums that have spiked significantly.
Other Global Maritime Risks
The brief also highlights a number of other security threats to the maritime industry:
- Cyber Operations: The report notes a rise in state-linked cyber activity and the growing burden of compliance with new cyber regulations.
- Piracy: Incidents of robbery and boardings continue in regions like the Gulf of Guinea and Southeast Asia.
- Narcotics Interdictions: Interdiction operations are an ongoing concern for operators.
Vigilant watchkeeping, adherence to best management practices, and robust cybersecurity measures are recommended for vessels operating in these high-risk areas.
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Source: Safety4sea
