Date: 21/11/2023

India-bound cargo ship seized in Red Sea; war risk premiums seen impacted

An India-bound cargo ship, Galaxy Leader, has been seized by Yemen’s Houthis in the Red Sea, according to the Israeli military. They took control of the vessel in the southern Red Sea as the war in Gaza sends tensions soaring in the region. The Houthis, who control northern Yemen and its Red Sea coast, said the ship was Israeli, but Israel described it as a British-owned and Japanese-operated cargo vessel with no Israeli nationals on board. Some 25 people are believed to have been on board the Galaxy Leader when it was seized en route from Turkey to India. 
NYK has put out a statement about receiving information from the UK-based Galaxy Maritime Ltd that the pure car and truck carrier (PCTC), which was chartered by NYK, had been seized near Hodeida, Yemen, while sailing for India. No cargo was on board. The Japanese government has strongly condemned the seizure of the ship and the US has demanded the immediate release of the ship and its crew, as per a report.
Meanwhile, reports suggest that war risk premiums are back in oil and shipping as a result of the seizure.
Source: Exim News Service: Tel Aviv, Nov. 20