Shipping under attack

Michael Ritter, of HFW, provides a helicopter view of salvage and general average in the context of Houthi and Somali attacks this year

Marine war risks continue to take centre stage, albeit following a change of geography (from Ukraine) with one returning risk and one significant new threat. The latter, namely Houthi attacks in the Red Sea, is the individual most dominant disruptor in shipping in 2024. It has impacted life, property and trade generally with many vessels opting for the longer Cape of Good Hope route, notwithstanding the often harsher weather and sea conditions. Although the returning risk of Somali piracy has proved to be more sporadic, it is still a major incident to be overcome by those unfortunate enough to attacked.