Cheap drones redraw shipping’s war risk map

AI Summary

A recent drone attack by Kyiv targeted an Iranian vessel reportedly carrying military cargo to Russia in the Caspian Sea, altering perceived war risk dynamics in the region. This development connects the Ukraine and Middle East conflict zones in new ways affecting shipping insurance risk assessments.

Kyiv’s reported weekend attack on an Iranian vessel accused of carrying military cargo to Russia has removed another basin shipowners assumed was untouchable — and hardwired the Ukraine and Middle East theatres together in a way war risk underwriters are not structured to price. Until the weekend, the Caspian was the quiet leg. Landlocked, closed …