The Houthis Are Still Attacking Ships in the Red Sea || Peter Zeihan

The Houthis attacked an oil tanker that had been previously abandoned in the Red Sea. They denotated charges, but only managed to start some fires (as of now). This lackluster attack isn't the scariest thing, but it does highlight the growing dangers of commercial shipping in the region.

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#houthi #redsea #houthiattack #shipping

[KorolDanylo]

Reinsurance broker here. Marine insurance is typically a small niche sector of the reinsurance market and a minor exposure for most of the big player’s balance sheets. It’s not going to move the needle nearly as much as litigation funding, social inflation, post pandemic replacement costs, or a hurricane.

Deglobalization has an impact on supply chains, which is more of a systemic macroeconomic issue and is not unique to (re)insurance. I could argue insurance is more protected than other industries as long as they can value risk appropriately, while everyone else’s stuff gets more expensive.

Do like these videos! Keep them coming.

[jkbrown]

The charges were set on the deck and did breach vent holes into the tank tops and set the crude vapors on fire. The Houthis were not trying to breach the waterline and sink the ship...for some reason. But the fires will eventually sink the ship without salvage, there are no military salvage tugs close by and no commercial salvage ship will enter the area.

[Eggster]

A "Wisconsin-like" physical order?! That requires some explanation.

[johngault]

Egypt must not be too happy with the loss revenue from serious decline in Suez traffic. And I'm surprised Peter didn't mention anything about the amount of containers dropped into the ocean as a result of transiting the dangerous waters south of Africa in the winter storms.

[grandcrowdadforde]

Secret: PZ is really homeless! Some one get this guy a house..

[kevinraper]

Peter should sale t-shirts with "if, if, if " on it

[mrjumbly]

Motorboating Houthis are an interesting visual.

[ClownCarCoup]

02:21 what is a “Wisconsin-like physical order”? This phrase is new to me..

[MGalaxy]

If their goal is to upset shipping and provide hardship, they have succeeded and thus not incompetent. the threats must be taken seriously.

[ob]

Correction: It is not that container ships are more expensive than tankers (they are not), it is that the cargo is much more valuable.

[stevenwalker]

I’d suggest two things:
1-Discuss impact to Egypt as loss of Red Sea means loss of revenue from Suez
2-Review IKE CSG LL from their operations in the Red Sea.

[simonolsen]

Barbary Pirates 2.0. (or, why did the US get a Navy?)

[jerryrichardson]

Thanks Peter, once again you're covering stuff no one else wants to touch.

[chickenduckhappy]

Isn't Egypt at some point going to get annoyed enough to fully throw in its weight? Egypt isn't Canada when it comes to military capabilities, but it also isn't Malta.

[andyw_uk]

"Strange insurance options" - letters of marque are back, baby!

[ignas]

Sunny Colorado, Snowy Colorado... windy, rocky, woody Colorado... Well how many Colorados do you have, Peter?

[thomassutrina]

what I do not understand is that the military ships trying to stop piracy in the Red Sea have not taken charge of the abandoned oil tanker. pull it to a port.

[qdkxyos]

I have a large amount of respect for Peter Zeihan. Like him I earned my Master's degree. Unlike him I went to computer programming school in my twenties and I did a lot of analyst level work for my employers in MS Access, Excel, Visual Basic, UI Path, and Power BI. We are both superbly educated and his understanding of geopolitical issues and forces is pretty much unmatched by anyone. I just picked up his book The Accidental Superpower and I can't wait to get started. I have to finish Ray Kurweil's The Age of Intelligent Machines first.

[classiclibertarian]

car insurance uses very little reinsurance generally speaking. most major carriers in the usa use no reinsurance for autos. they do use reinsurance for homes though, which constitutes anywhere from 20 to 50% of home insurance premiums

[CaptainTechnical]

I don’t think they wanted to breach the hull. It seems to me that a burning tanker floating around has been getting a lot of media attention for them.

If they can burn off most of the oil before it sinks then they get all that attention without causing an environmental disaster in their own backyard.