UKMTO said the unmanned vessel was struck 40 nm off the Yemeni port of Al Mukha amid escalating tensions in the Red Sea

It’s time to start taking the open-ended Hormuz crisis scenario more seriously. The status quo — or further escalation — appears more likely than a return to a pre-crisis normal

International Group P&I clubs have swiftly put buyback cover in place for Red Sea voyages after reinsurers withdrew support for ancillary war risk products, averting the steep premium increases seen during previous geopolitical crises, although Saudi-linked vessels face new restrictions

There are six main risks currently impacting decision-making in the protection & indemnity sector

Lloyd’s List Intelligence data shows vessel traffic through the Bab el Mandeb remains surprisingly resilient in the first two weeks of the Houthi blockade targeting Saudi-linked shipping, although tanker movements have fallen sharply and security analysts warn attacks could escalate

Marine mutuals set to put buybacks in place by Sunday

Maersk is cautious about releasing capacity from shorter routings too quickly as this would worsen congestion at European ports, with vessels bunching up at already strained terminals

The crude tanker market continues its epic bull run. The question — as Hormuz supply replacement efforts falter — is how long disruption upside can continue to offset volume downside

The death toll has increased to six after two members of a rescue team were also killed in the attack 

Local sources said the vessel was carrying weapons bound for government-aligned forces in Yemen, although Lloyd’s List has been unable to independently verify those claims

Marine insurers face a mounting bill from the Middle East Gulf conflict, with estimated claims already reaching $2bn and concerns growing that a prolonged disruption could trigger far larger total loss payouts if vessels remain trapped for another six months

Shipping companies are operating in a world where clear rules may never return