Shippers are modifying their routes and keeping a tight eye on Suez Canal traffic as a result of growing security concerns in the Red Sea.
Due to the recent increase in incidents, some maritime companies have avoided the region entirely, particularly in the Red Sea and Gulf of Aden. According to Bimco Secretary General David Loosley, some people are opting for lengthier travels around Africa, which adds two weeks to travel time and boosts emissions.
The Israel-Ha
mas conflict has resulted in Houthi attacks on numerous commercial ships in Yemen, backed by Iran, raising security concerns in the Red Sea and Bab al-Mandeb region. The UK authorities reported several threats to shipping in the Bab el-Mandeb Strait on December 3, emphasising the importance of industry and government collaboration in providing timely warnings.
The International Chamber of Shipping condemned the attacks as a violation of international law and asked for increased maritime security in the region. Transporters also closely monitor traffic through the Suez Canal, a major canal through which 19,000 vessels transit each year.
Despite the additional time and price, merchants seeking a safer passage are increasingly opting for other routes such as the Cape of Good Hope. There are still unknowns about how the issue may effect maritime insurance as it evolves.