Houthis earn $2bn a year from Red Sea protection racket

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If you harbour any hope that the Red Sea crisis might come to an end soon, The Loadstar respectfully suggests you should abandon it, as this extraordinary report in the Maritime Executive claims the Yemini militia group is earning around $180m a month in tolls from shipowners to not attack their vessels as they pass the Bab Al-Mandeb straits. The source of the article is a 537-page report from the UN’s expert panel on Yemen.

Ever wondered why some shipping lines have been able to continue passing the Yemini coastline when so many fear to sail anywhere near it? This report suggests they have been paying off the Houthis in return for safe passage, and in doing so have turned a nascent conflict into big business.

And it comes just a day after Egypt revealed the Red Sea crisis has left a $6bn hole in its public finances.