In an official statement, Houthi military spokesperson Yahya Saree announced that the Magic Seas ship was attacked using two unmanned surface vessels, three drones, and five ballistic missiles. Saree stated that the targets were vessels utilizing Israeli ports or engaged in direct commercial relations with Israel. Following the attack, the ship reportedly began to sink in the Red Sea.
Saree added that several warnings and calls were made to the vessel prior to the attack, but the crew failed to heed them. He claimed that the crew was allowed to abandon the ship and was evacuated afterward, asserting that humanitarian rules were followed.
Navigate Commodities said in a statement on the matter: The Magic Seas vessel was reportedly transporting steel products from Chinese company Zhuhai Yueyufeng Iron & Steel to the Middle East. The incident has raised concerns over its potential impact on global steel trade. Experts suggest that Asian steel suppliers such as China, Malaysia, and Indonesia may shift away from the Red Sea route due to escalating security risks and instead opt for the Cape of Good Hope route. This change could extend shipping times by 10–14 days and increase fuel costs by up to $1 million per vessel.
The region’s security threats are also expected to affect insurance costs. Premiums are reported to have risen from approximately 0.6% of the cargo value to as high as 2%.
Comments
No comment yet.