Red Sea Tensions Raise Shipping Costs

The Houthi escalation in the Red Sea has led to an increase in insurance premiums for cargo shipping through the region, rising to approximately 0.75% of the vessel's value compared to 0.3% before the announcement. This raises the costs of maritime journeys and threatens global energy supplies. The tension reflects an escalation of the crisis with Iran, and there are fears that closing the Bab-el-Mandeb Strait could reduce oil supplies by up to 7%, with increasing risks to international trade movements. Additionally, the shipping sector continues to warn of an growing danger to Saudi ships and vessels heading to Red Sea ports.

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