Shipping Insurance Rates Soar On Red Sea Missile Attacks

Huthi rebels capture the Galaxy Leader cargo ship in November and their missile and drone attacks on ships have sent insurance rates soaring (Credit: AFP)

Attacks by Yemen's Houthi rebels on commercial ships in the Red Sea have sent insurance premiums surging, exacerbating costs already stretched by soaring freight rates and longer alternative trade routes.

The Houthis have carried out relentless attacks since November on shipping transiting the Red Sea, a maritime hub through which 12 percent of global trade usually passes.