The European Union formally launched a naval mission on Monday to protect Red Sea shipping from Yemen's Huthi rebels as a US-owned cargo vessel came under fire twice in the region.
Egyptian President Abdel Fattah al-Sisi said Monday that revenues from the Suez Canal had "decreased by 40 to 50 percent" so far this year due to attacks on shipping by Yemen's Huthi rebels.
A recent string of Houthi attacks have reignited concerns about the Red Sea crisis, raising the floor for tanker rates. The post War risk exclusions by insurers heighten stakes in Red Sea attacks appeared first on FreightWaves.