Shippers are rerouting vessels away from Middle East transit routes due to a surge in drone attacks in the Red Sea and Gulf of Aden.
The heightened risks follow the Israel-Hamas war, with Iranian-backed Houthis in Yemen supporting Palestinians. These attacks have impacted various commercial ships, leading to increased tanker rates and insurance costs, says an article published on sp global website.
Diverse Fleet Under Threat
Ships ranging from car carriers to tankers and dry bulkers have come under Houthi attacks, prompting concerns about the safety of global transit routes. The Red Sea and Bab al-Mandeb area, crucial for about 10% of global seaborne oil flows, is particularly affected.
Rise In Rates And Rerouting Impact
Tanker rates in the region have risen, influenced not only by direct costs but also by increased insurance rates. Rerouting ships to ensure safety has become a common practice, affecting global shipping routes.
Security Measures And Collaboration
Ships are implementing additional security measures, such as increasing vigilance for potential drone attacks. Collaborations between navies, coast guards, and industry players aim to enhance maritime security and provide early warnings to prevent incidents.
Expanding Target List And International Response
Recent threats from Houthis targeting ships regardless of nationality have raised concerns. The attacks are considered a breach of international law, leading to calls for leveraging maritime security architecture to protect ships and their crews.
Impact On Suez Canal And Global Shipping Concerns
Shippers are closely monitoring potential congestion in the Suez Canal, a critical transit point for about 19,000 vessels annually. The attacks’ broader impact on global shipping and safety measures, rather than just congestion concerns, remain at the forefront of industry discussions.
Safety And Security As Top Priorities
Industry leaders emphasize the importance of prioritizing safety and security over potential operational challenges. Ensuring the right to innocent passage and safeguarding the well-being of crew members are central considerations amid evolving geopolitical dynamics.
Did you subscribe to our daily Newsletter?
It’s Free! Click here to Subscribe
Source: Sp global
