Friday, July 11, 2025

Marine insurance officials said on Thursday that ships linked to the Israeli enemy will face a boycott by insurance companies, following the recent devastating attacks carried out by the Yemeni army on the Magic Seas and Eternity Sea, which led to their sinking.

According to a report published by Reuters, insurance industry sources said that "insurers will try to avoid covering any ship linked to "Israel", even if it is indirect."

The agency quoted Munro Anderson, chief operating officer at Vessel Protect, a specialist in marine war risk insurance, as saying: "What we have seen this week appears to be a return to the targeting criteria set for mid-2024, which essentially includes any ship with even a remote connection to Israel."

He added: "With uncertainty comes risk."
Tradewinds, a maritime website, reported on Wednesday that "vessels owned by companies that have made port calls to Israeli ports have been unable to obtain insurance for passage through the Red Sea following the resumption of deadly attacks on ships by the Houthis."

The website quoted an insurance industry source as saying, "An insurance company had offered a price last week for a vessel planning to transit the Red Sea, but then withdrew the offer this week because the vessel was linked to another vessel that visited an Israeli port last year."