Tanker Boarding off Yemen
ShippingComments
It creates a tiered security system. Smaller firms lack the capital to absorb War Risk Insurance premiums, which typically leads to market consolidation by larger conglomerates.
"secured" usually refers to the transit corridor, not the coastal waters where this happened.
What if the boarding isn't a failure of security, but a calculated risk by the coalition to avoid broader escalation? Perhaps accepting some losses prevents a full scale naval war in the Strait of Hormuz.
Calculating risk from a desk is one thing, but the crew on that ship didn't sign up to be a geopolitical gambit. A boarding is a failure of security regardless of the strategic motive.
Look at the insurance premiums for Red Sea transit. The market knows the security narrative is a joke.
Do you know if these insurance spikes are affecting smaller shipping firms more than the giants?
This mirrors the 2019 tanker war patterns. We saw the same official assurances back then right before the escalations peaked.