Red Sea Risk

Red Sea risk is the elevated war-and-strikes exposure for shipping in the Red Sea, Bab-el-Mandeb, and Gulf of Aden driven by Houthi attacks on merchant vessels from November 2023. Houthi forces in Yemen launched missiles, drones, and small-boat and uncrewed-surface-vessel strikes, sinking the bulk carrier Rubymar (March 2024) and the Tutor, and killing seafarers on the True Confidence. The Joint War Committee widened its southern Red Sea listed area, additional premium spiked, and many operators diverted around the Cape of Good Hope; the US-led Operation Prosperity Guardian began in December 2023.