Bimco, ICS and Intertanko have issued warnings to shipping through the Red Sea that mines have come unmoored from the Yemeni coast, and risks from other IEDs has risen due to local conflict. A significant, conflict-related disruption to shipping is one of our “black swan” risks for 2018. The Red Sea provides the feeder / outlet from the Suez Canal, a critical artery for global supply chains. An average 1,463 vessels a month used the Canal in 2017. Container ships represented 32% of the total (up 3% on a year earlier) and tankers were 26% (6% higher). Tanker activity reached the highes...