Yemen Monitor/Newsroom
The cost of insurance for ships sailing through the Red Sea has dramatically increased due to recent Houthi attacks on a tanker, raising concerns about environmental risks and the safety of trade routes. The Houthi group’s attacks, which began in November, have resulted in the sinking of two vessels, the seizure of another, and the deaths of several seafarers.
One industry source said some underwriters were currently not providing cover through the region because of the potential risk of the tanker sinking.
An official with the European Union’s Aspides naval mission cited a letter sent on Aug. 28 to maritime rescue coordination centers, saying it was assessing the “feasibility of protective measures” such as towing the Sounion.
“This situation poses a serious and imminent threat of regional pollution, with coastal states at the highest risk,” the letter said.
The latest attack on the Greek-flagged Sounion tanker has caused significant damage and is believed to be leaking oil. The Houthis have threatened to attack any rescue attempts, and insurance premiums for ships passing through the Red Sea have consequently risen sharply.
The tanker, carrying a million barrels of crude oil, poses a major environmental threat. A major oil spill could devastate fishing communities along Yemen’s Red Sea coast, impacting the livelihoods of hundreds of thousands of people.
In December 2023, the US formed a multinational coalition to protect maritime traffic in the Red Sea after the Houthi group announced it would target ships linked to the Israeli entity in solidarity with the Palestinian people in Gaza Strip. The group later expanded its operations to include ships linked to the US and the UK after the two countries launched strikes against Houthi sites in Yemen.
