The cost of insuring a ship through the Red Sea has more than doubled since the start of September and some underwriters are pausing cover as the risk of attack from Yemen's Houthis on commercial vessels increases, industry sources said.The Iran-backed Houthis first launched aerial drone and missile strikes on the waterway in November.
A merchant vessel reported being approached with the use of small arms fire in waters 92 nautical miles northeast of Eritrea's Massawa port in Red Sea waters adjacent to Yemen's coast, British maritime security firm Ambrey said on Thursday.The United Kingdom Maritime Trade Operations (UKMTO) said shortly after that it received a sighting report of a small boat with armed persons onboard
The European Union is proposing to sanction Russia's oil-shipping giant Sovcomflot in a move to limit the Kremlin's ability to finance its war against Ukraine, Bloomberg News reported on Tuesday, citing a document seen by it.The move would follow similar punitive measure imposed on the leading Russian tanker group early in 2024 by the U.S.
U.S. President Joe Biden made an impassioned call for the defense of freedom and democracy at the 80th anniversary of the D-Day landings in Normandy on Thursday, urging Western powers to stay the course with Ukraine and not surrender to Russian tyranny.At a joint ceremony with French President Emmanuel Macron and U.S.
It was only 30 years ago when maritime lost approximately 200 large vessels per year. Despite the mounting risks to shipping globally, its safe to say that safety measures and technology put in place in the interim have paid off, as in 2023 the industry saw 26 large ships lost -- down from 41 a year earlier and the lowest total ever
Yemen's Houthis will target ships heading to Israeli ports in any area that is within their range, military spokesman Yahya Sarea said in a televised speech on Friday."We will target any ships heading to Israeli ports in the Mediterranean Sea in any area we are able to reach," he said.
Yemen's Houthis have been attacking ships in the Red Sea since November, in what they say is a campaign of solidarity with Palestinians during the Israel-Hamas war in Gaza, prompting retaliatory U.S. and U.K. strikes against the Iran-aligned group.In the first fatalities reported since the Houthis began their attacks on shipping in one of the world's busiest trade lanes
Insurance broker Marsh and Lloyd's of London underwriters have expanded a marine war insurance program backed by Ukraine from grain shipments to all non-military cargo, such as iron ore and steel, Marsh said on Friday.Marsh, Lloyd's and Ukrainian state banks launched an initial program in November to cut the cost of claims for damage to ships and crew transporting grain through the Black Sea
Panama City Fla. based Eastern Shipbuilding Group announced it has been awarded a contract to complete construction of two ultra high-spec 400 class multipurpose support vessels (MPSVs) for Hornbeck Offshore Services (HOS).The newbuilds were originally started by Gulf Island Shipyards in Houma, La. before Hornbeck terminated the contracts in 2018 over what it described as "performance issues".
The U.S. on Thursday imposed sanctions on maritime companies and vessels for shipping Russian oil sold above the G7's price cap, as Washington seeks to close loopholes in the mechanism designed to punish Moscow for its war in Ukraine.The U.S. Treasury Department in a statement said it slapped sanctions on three United Arab Emirates-based companies and three vessels owned by them in the action
Ships sailing for Israel face a 10-fold jump in war risk premiums as the conflict in Gaza intensifies, prompting industry calls for the government to help ensure vital imports keep coming.Israel has vowed to annihilate Islamist group Hamas after its fighters stormed through Israeli towns from Gaza on Oct. 7, killing 1,400 people and seizing more than 220 hostages.
Israel will provide compensation for ships that are damaged due to the war in Gaza and the government is taking steps to minimise risks for vessels using the country's ports, government advisories said.Israel has vowed to annihilate the Hamas Islamist group after its fighters stormed through Israeli towns from Gaza on Oct.