How shipping insurance rates are rising, as Hormuz, Bab al-Mandeb shut down
- Maritime insurance prices have soared amid shipping disruptions in the Strait of Hormuz and are also rising for vessels traversing the Bab al-Mandeb, with both waterways – critical channels for the global economy – now theatres of war.
- Yemen’s Iran-aligned Houthi group announced a blockade of Saudi Arabian ports and ships in the Bab al-Mandeb Strait, which connects the Red Sea to the Indian Ocean, earlier this week.
- This comes on top of ongoing disruptions in the Strait of Hormuz due to the US-Israel war on Iran.
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- Maritime insurance prices have soared amid shipping disruptions in the Strait of Hormuz and are also rising for vessels traversing the Bab al-Mandeb, with both waterways – critical channels for the global economy – now theatres of war.
- Yemen’s Iran-aligned Houthi group announced a blockade of Saudi Arabian ports and ships in the Bab al-Mandeb Strait, which connects the Red Sea to the Indian Ocean, earlier this week.
- This comes on top of ongoing disruptions in the Strait of Hormuz due to the US-Israel war on Iran.
Sources: Al Jazeera