war risks News

Damaged Subsea Cable in Red Sea Highlights Telecom Vulnerability

A subsea cable off the coast of Yemen that connects Europe to India has been damaged, and the telecommunications carrier that owns it must now figure out how to make underwater repairs in a war zone. Seacom Ltd., the South …

Houthi Attack on Ship Led to ‘Environmental Disaster,’ US Says

The missile attack by Houthi militants on a ship carrying a cargo of fertilizer has led to an “environmental disaster” in the Red Sea, US Central Command said Friday evening. Hours later, Central Command reported that American forces had destroyed …

Houthis to Step Up Red Sea Strikes, Use ‘Submarine Weapons’, Leader Says

Yemen’s Iran-aligned Houthis claimed responsibility for an attack on a UK-owned cargo ship and a drone assault on an American destroyer on Thursday, and they targeted Israel’s port and resort city of Eilat with ballistic missiles and drones. The statement …

Greek Ship Attacked in Red Sea by Houthis Arrives in Port of Aden With Cargo

The Greek-flagged bulk cargo vessel Sea Champion arrived in the southern Yemeni port of Aden on Tuesday after being attacked in the Red Sea in what appeared to have been a mistaken missile strike by Houthi militia, shipping and military …

Seafarers Can Refuse to Sail Through Red Sea as Houthis Step Up Attacks: Industry

Seafarers have the right to refuse to sail on ships passing through the Red Sea in a new industry agreement as the situation escalates and further vessels are attacked by Yemen’s Iran-aligned Houthis, a labor union and industry groups said …

US, UK Ship Investors Hit by Soaring Red Sea Insurance: Sources

War underwriters have raised the premiums they charge to US, British and Israeli firms by as high as 50% for ships transiting the Red Sea and some providers are avoiding such business due to targeting of the vessels by Yemen’s …

What Does Red Sea Disruption Mean for Europe’s Economy?

Weeks of attacks by Iranian-backed Houthi militants on vessels in the Red Sea have disrupted shipping in the Suez Canal, the fastest sea route between Asia and Europe, carrying around 15% of global sea trade. For the European economy, already …

Grain Insurance Program Could Be Blueprint for Ukraine’s Return to Air Travel: Doyle

Ukraine is working “intensively” with partners to restore air travel suspended for nearly two years, with the main focus on Boryspil International Airport outside the capital Kyiv, a presidential official said on Thursday. Ukraine’s airspace was abruptly closed by Russia’s …

Insurers Seek to Exclude US, UK Ships From Red Sea Coverage

Some ship insurers are starting to avoid covering US and UK merchant ships against war risks when they navigate the southern Red Sea, another sign of blowback since the two nations’ airstrikes on Yemen last week. Houthi militants have stepped …

Red Sea War Risk Insurance Rises With More Ships in Firing Line

War risk insurance premiums for shipments through the Red Sea are rising after further attacks on merchant vessels by Yemen’s Houthi movement and the expectation that ships with a UK or U.S. connection will be targeted, insurance sources said on …