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Houthi attacks on ships in the Red Sea, coupled with a rise in piracy off the coast of Somalia, are disrupting global trade. In 2023 an estimated 13% of global seaborne trade transited through these areas. However, the attacks have reduced the number of ships transiting the area by 50%.
Taking stock of the situation in the Persian Gulf, the Strait of Hormuz and the Sea of Oman, BIMCO and fellow industry associations have developed transit corridors for the consideration of Ship Masters, Owners and Operators. Use of the corridors is not mandatory, and decisions should be based on a thorough security risk assessment.
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