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M/V Gibraltar Eagle, Bulk Carrier Hit By Ballistic Anti-Ship Missile From Houthis In The Red Sea. Escalation Of The War In The Middle East Increases.
The MV Gibraltar Eagle bulk carrier from Eagle Bulk Shipping was targeted in new attacks in the Red Sea, demonstrating rising tensions in the region following recent air offensives led by the U.S. and the U.K. against Houthi positions in Yemen.
The bulk shipping major confirmed the attack in a statement, revealing that on January 15, the M/V Gibraltar Eagle was hit by an ‘unidentified projectile’ approximately 160 kilometers off the coast, in the Gulf of Aden. The attacks have raised concerns among the international maritime community, especially considering that the ship is flagged in the Marshall Islands and is owned and operated by the U.S.
Ship Is Targeted By Attacks But Sails Normally
‘As a result of the impact, our bulk carrier sustained limited damage to a cargo hold, but is stable and leaving the area.
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Mariners Aboard The MV Gibraltar Eagle Are Safe
All of our mariners aboard the ship are safe. The MV Gibraltar Eagle is carrying a load of steel products.
‘We remain in close contact with all relevant authorities regarding this matter,’ the company stated in a release.
Attacks In The Red Sea Impact MV Gibraltar Eagle
The Central Command of the U.S. also reported on the attack, stating that Houthi militants fired a ballistic anti-ship projectile from Houthi-controlled areas in Yemen that hit the M/V Gibraltar Eagle.
‘The vessel did not report injuries or significant damage and continues its journey. Earlier in the day, at approximately 2 PM (Sanaa time), U.S. Forces detected a ballistic anti-ship missile fired toward commercial shipping routes in the southern Red Sea. The missile failed during flight and impacted on land in Yemen. There were no reports of injuries or damage,’ said U.S. Central Command.
Air Strikes In Yemen Increase Tensions In The Region
As many analysts feared, the recent airstrikes by the United States and the United Kingdom in Yemen did not deter the group, but resulted in increased popularity for the Houthis in Yemen.
Additionally, the latest round of airstrikes heightened tensions in an already fragile ceasefire in Yemen.
UN Appeals For Reduction Of Violence In Yemen
Khaled Khiari, UN Under-Secretary-General for the Middle East, Asia, and Pacific in the Departments of Political Affairs, Peacebuilding, and Peace Operations, called for a reduction in violence and restraint, stating that the region is on a trajectory of dangerous escalation that could potentially affect millions of people in Yemen, the region, and the world.
‘We are witnessing a cycle of violence that risks serious political, security, economic, and humanitarian repercussions in Yemen and the region,’ he warned. Recent humanitarian improvements in that country are fragile and could easily be reversed. Furthermore, progress towards reaching a political agreement to end the war in Yemen could be hindered, leaving its people facing the impact of a continuing conflict.
Conflict In Gaza And Impacts On Yemen
Houthi forces attributed their attacks on vessels in the Red Sea to pressure tactics aimed at enticing global powers to slow down the war in Israel in Gaza, which has cost the lives of more than 24,000 people, mostly civilians, bringing desperately needed humanitarian aid into the strip.
Speaking yesterday on the matter, UN Secretary-General António Guterres said Israel’s ongoing assault in Gaza has recorded civilian casualty rates at an unprecedented pace, sharply criticizing the collective punishment of the Palestinian people. He also called for the release of Israeli hostages held by Hamas and legal recourse for the violence committed on October 7.
The UN also demanded an immediate end to Houthi attacks on commercial shipping in the Red Sea and the release of the Galaxy Leader aircraft carrier and its crew, who were captured in November by Houthi forces.
Impact Of Attacks On The Marine Insurance Market
Morningstar DBRS, a global credit rating agency, stated that following airstrikes by U.S. and U.K. forces against Houthi targets in Yemen conducted on January 11, the marine insurance market now expects rates to rise in the following days as underwriters anticipate retaliatory attacks from the rebels.
‘Before the outbreak of the Hamas-Israel war and the involvement of the Houthi rebels in the conflict, war insurance rates for ship hulls were normally 0.05%, with many underwriters completely waiving the cost of war coverage for vessels operating in the Red Sea. However, since the onset of hostilities, war rates have increased, reaching 0.7% at their peak. For a vessel (excluding the value of the cargo) with a total insurable value of US$ 120 million, this translates to over US$ 800,000 in additional insurance costs per voyage in the area,’ the rating agency stated.
Marine war insurance is a specialized type of insurance that covers risks associated with political violence, terrorism, and other perils in maritime transport.
The recent attacks in the Red Sea are expected to increase demand for this type of insurance as shipping companies and cargo owners seek to protect themselves against potential losses, as explained by the rating agency. It is also anticipated that this development will have broader implications for marine insurance prices, which are likely to increase in response to rising demand. At the same time, insurers may reassess their exposure in the region and adjust pricing accordingly.
Morningstar DBRS stated that the success of Operation Prosperity Guardian in weakening Houthi rebels and deterring regional support should stabilize war insurance prices, although at higher levels than before the Hamas-Israel War. On the other hand, a failure in the efforts of the U.S.-led coalition could result in the unavailability of war insurance coverage, prompting a shift in maritime traffic to the longer route around the Cape of Good Hope.
Despite rising tensions, war insurance coverage remains available for voyages in the Red Sea, with prices increasing due to the escalation of violence.
As of January 7, 2024, 354 container ships were diverted from the Suez Canal to the Cape route, constituting 80% of the ships between the Atlantic/Mediterranean basins and the Indian Ocean.
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Source: © OFF Shore Energy
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