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Drone-Sinking of Coal Ship Takes Red Sea Perils to New Level
Posted
June 20, 2024
Views
8,677
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117
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5
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1.41%
June 20, 2024
8,677
117
5
1.41%
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0:27Now PlayingThe sinking of a coal-carrier by a sea drone has boosted the risk of navigating the vital Bab el-Mandeb chokepoint to a new level and is driving a fresh surge in insurance costs.
The British navy said Tuesday that the only visible objects in the last known location of the Tutor dry-bulk carrier — at which point it was semi submerged — were some debris and an oil slick. Yemen’s Houthi militants managed to strike it with a seaborne drone, killing one crew member and injuring others. They said they eventually sank it with explosives.
The price of covering vessels for transit — measured as a percentage of the ship’s value — surged to about 0.6% from between 0.3% and 0.4% according to two people involved in the market. It means that a vessel worth $50 million would have to pay $300,000 for one passage. The rate is nevertheless slightly below a peak reached earlier this year when attacks ramped up.
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