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Red Sea risks raise insurance costs
The costs of insurance for shipping goods across the Red Sea have risen significantly following the announcement by the Yemeni Houthi group of a naval blockade against Saudi Arabia. This has increased the risks associated with navigation and threatens global energy supplies. Insurance premiums have reached approximately 0.75% of the vessel's value, up from 0.3% prior to the announcement, resulting in additional costs of hundreds of thousands of dollars for a seven-day voyage. Ships flying the Saudi flag or operated by Saudi entities face high risks of Houthi attacks, with the possibility of closing the Bab el-Mandeb Strait, which could impact oil exports to Asia and reduce global oil supplies by up to 7%. Houthi attacks and hijackings of vessels are expected to continue into mid-2025, amid escalating security threats in the Gulf of Aden.
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