Shipping firms redirect vessels from Red Sea as Houthi attacks increase

Attacks on vessels crossing the Red Sea by Yemen's Houthi group have increased concerns over crew and cargo safety, leading to multiple shipping companies diverting ships away from Egypt’s Suez Canal, reducing the number of vessels passing through one of the world’s main trade routes.

The Houthis have been attacking ships in the Red Sea in response to Israel's war in Gaza, targeting a route that would take ships through the Suez Canal in the north and its link to the Mediterranean Sea.

Shipping companies choosing to reroute will have to deal with additional costs and time to their journeys, causing oil prices and war risk insurance premiums to climb at a rapid rate.

BP, alongside fellow shipping companies, has announced a suspension of their vessels - whether owned or chartered - from traversing maritime routes connecting Europe and Asia.