On November 19, Yemeni Houthi rebels seized the Japanese-operated cargo ship "Galaxy Leader" in the Red Sea, raising Palestinian and Yemeni flags. Owned by Ray Car Carriers, a unit of Tel Aviv-incorporated Ray Shipping, the vessel is linked to Israeli businessperson Abraham Ungar. The ship, en route from Turkey to India, went offline near Jeddah, Saudi Arabia, and is now in Yemen's port of Hodeida. While the 25-person crew includes nationals from various countries, Israel labeled the incident an "Iranian act of terrorism," emphasizing potential consequences for global maritime security. The hijacking is seen as part of geopolitical tensions involving the US, UK, and Iran, reminiscent of past incidents in the Persian Gulf and the Gulf of Oman. Analysts anticipate continued challenges in maritime security, particularly for vessels connected to Israel. The Houthi leader expressed intent to target Israeli vessels in the Red Sea, even those without Israeli flags. Despite the specific targeting, experts believe the overall threat to merchant shipping remains low. The UN estimates piracy costs the global shipping trade up to $12 billion annually, with a significant portion passing through the Gulf of Aden. While insurers haven't altered practices, concerns linger about potential escalations impacting shipping routes and security costs.

SOURCE: GOOGLE