RISK appetite in shipping is relative. So, too, is attention.

While the industry remains fixated on the prospect of a Red Sea reopening and the geopolitical drama of the Strait of Hormuz, a more familiar threat has been quietly regaining ground: piracy.

A brief flash of interest came on Sunday when the Palau-flagged bulk carrier Lady Naeima (IMO: 9223643) reported coming under attack by armed assailants. A skiff approached to within 20 metres of the vessel and opened fire. The embarked security team returned fire, prompting the attackers to withdraw towards a nearby AIS-dark mothership.

For a moment, given the location, speculation centred on whether Houthi militants had resumed operations. Once it became clear that this was another pirate attack, attention quickly faded.

Certainly, it was not enough to derail Maersk and Hapag-Lloyd’s announcement that they would resume selected Suez Canal transits under the Gemini Cooperation network. The market reaction that followed had little to do with security concerns. Investors were more focused on what a gradual return to the Red Sea could mean for freight rates and carrier earnings.

Yet the industry’s growing comfort with Red Sea risk sits uneasily alongside a resurgence in piracy that is becoming harder to ignore.

Three vessels remain under pirate control off Somalia. The Sward (IMO: 9174244), hijacked in April, is still being held along the central Somali coast, with negotiations for the release of its 16 crew at an impasse. The tanker Eureka (IMO: 1022823) remains at the centre of a hostage crisis, with reports that pirates are demanding a $10m ransom while threatening the lives of the 12 seafarers on board. Fuel tanker Honour 25 (IMO: 1099735) was seized while carrying supplies destined for Mogadishu, disrupting local fuel imports.

The human cost is mounting. Addressing the International Maritime Organization Council in London on Monday, secretary-general Arsenio Dominguez called for urgent action to secure the release of 44 seafarers held aboard the three vessels. He warned that crews are facing deteriorating conditions, with food and water running low and the constant threat of violence hanging over them.

The broader trend is equally troubling. The IMO has recorded 24 attempted or actual piracy and armed robbery incidents in the Red Sea and Gulf of Aden over the past three months. Globally, incidents rose 17% between 2024 and 2025.

At the same time, shipowners are steadily returning to the region. Lloyd’s List Intelligence data for June shows cargo vessel transits through Bab el Mandeb at their highest level since the security crisis began, led by crude tankers but increasingly supported by larger containerships, vehicle carriers and LPG vessels.

The industry may be willing to accept the risks of returning to the Red Sea. It should be careful not to underestimate the ones that are returning with it.

Richard Meade
Editor-in-chief, Lloyd’s List

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