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Insurance premiums look set to spike for the few carriers braving Red Sea transits, after a series of attacks on merchant vessels – which has likely further delayed any return to normality for the Suez Canal.

Yesterday the Israeli Defence Force (IDF) attacked the vessel Galaxy Leader – the hijacking of which by the Iran-backed Houthi militia in 2023 kickstarted the Red Sea crisis – claiming its radar system was being used to track and facilitate attacks on other merchant ships.

A spokesperson for maritime security consultancy Ambrey noted that the air strike was part of the IDF’s “Operation Black Flag” and had hit both the vessel and Yemen’s port of Ras Isa.

“The IDF claimed to have struck the Galaxy Leader, following the reported installation of a radar system which the IDF stated had been used to ‘facilitate further terrorist activities.’ At the time of writing, no casualties had been reported,” the spokesperson told The Loadstar.

Alongside the IDF attack, the Houthis committed their first assaults against merchant vessels in the Red Sea since November, claiming to have sunk bulk carrier Magic Seas hours before a drone attack on Greek-operated bulk carrier Eternity C.

Two sailors lost their lives in the latter attack, the first victims of Houthi attacks since June 2024, taking the number of deaths from the rebels’ campaign at six, and major question marks over the group’s claim to have scaled back attacks to focus instead on Israel’s port of Haifa.

In a statement released in May, the group said that their focus would be turning to vessels entering Israel’s port of Haifa, but the statement left some ambiguity over what this meant for ships using the waterway that has been besieged for the better part of 18 months.

However, the group later confirmed in a message to The Loadstar: “Ships transiting the Red Sea without stopping at port of Haifa will not be targeted. Port of Haifa is included in the target bank.

“Yemeni Armed Forces affirm there will be no hesitation in taking any additional measures in support of the oppressed Palestinian people, who are facing daily massacres and a genocide of unprecedented scale, along with their steadfast resistance.”

One of the two commercial managers of the Magic Seas, Stem Shipping, told Reuters they had received no prior warning that their vessel was being targeted, the ship was carrying fertiliser between China and Turkey.

In a post on LinkedIn, maritime insurance platform Vanguard Tech suggested calls made at the Israeli port in the past year by vessels within the fleet of Magic Seas’ other commercial manager, Allseas Marine, legitimated the targeting.

Given the volatile situation, the Ambrey spokesperson added: “Merchant shipping is advised to designate a safe muster point above the waterline and central within the accommodation block and to retreat to this SMP when sirens are sounded.”

The spokesperson further advised that crew deck movements and the number of sailors manning the bridge should be reduced to a minimum while operating within the vicinity of Houthi attacks.

While few container lines have sought to return to Suez transits since the attacks began in late 2023, CMA CGM has proved itself an outlier, having maintained the operation of its BEX2 service since April last year, and recently adding further services to the waterway.

The carrier announced early June that it was updating its Europe Pakistan India Consortium (EPIC) service, with one of the 10 vessels on the rotation set to transit the Suez Canal, while also operating its MED2 and MED5 rotations through Suez.

CEO of eeSea Simon Sundboell told The Loadstar the carrier was “clearly testing the waters” amid the incentives being offered by the Suez Canal Authority to resume transits.

The carrier has yet to comment on the latest attacks.

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