This episode of the Lloyd’s List Podcast was brought to you by Veson. Visit veson.com for more information.

MOORED off Yemen’s coast, FSO Safer (IMO: 7376472)is a decaying tanker that could have spilled more than a million barrels of oil into the Red Sea. The result would have been an environmental, humanitarian and economic catastrophe.

But the UN raised over $50m to buy a replacement tanker and transfer the oil, only to then see the Houthis take control of both tankers and start using the replacement tanker as a platform to store sanctioned Russian oil.

This is part two of the Safer story, in which Lloyd’s List editor-in-chief Richard Meade looks at the bigger picture of Houthi power in the Red Sea.

Should we have seen this situation coming? And why does the world continue to underestimate the Houthis, despite repeated warnings from inside Yemen about their capabilities?

Joining Richard on this podcast are:

• Nadwa Al-Dawsari, associate fellow at the Middle East Institute

• Ian Ralby, chief executive, IR Consilium

Listen to part one of the FSO Safer story here.