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What the Ship (Ep100) | Red Sea Attacks After Three Months | Grain and Bulkers | Tankers | Container & Spiraling Ocean Rates | Role of Iran in Supporting the Houthis

In this episode, Sal Mercogliano - maritime historian @campbelledu - discusses the Top 5 Maritime Stories as of Feb. 22, 2024, with an emphasis on the Red Sea and the Houthi attacks on commercial shipping.

Takeaways-

• Houthi weapons are diversifying in response to US defenses and now include sea drones.

• He doesn't think they can salvage the Rubymar so it's likely to become the first ship sunk

• Houthi attack frequency is increasing with time

• There's growing tension between mariners because non-US crews can refuse to sail through the Red Sea while US crews can't.

• Houthi attacks are focusing on bulk carriers and adding significant pressure to European cargo lines, especially grain to East Africa

• Tanker ships are also being impacted heavily. Diesel supplies are being constrained in the US and Europe

• Egypt's loss of canal traffic equates to a 5% national budget loss.