US announces alliance of 10 nations to counter Houthi attacks in Red Sea

• Houthi rebels endanger route catering to nearly 12% global trade.
• Coalition formed to ensure unhindered navigation for all nations.
  
• Halt in maritime operations leads to "maritime security crisis".
  

In a bid to curb the escalating missile and drone attacks by Iran-backed Houthis in the Red Sea, the United States has announced Operation Prosperity Guardian, which is a formation of a 10-nation alliance aimed at safeguarding ships travelling this vital maritime route. 

Joining forces with Britain, France, Bahrain, Italy, and others, US Defense Secretary Lloyd Austin highlighted the need for unified action against the non-state actors posing a threat to the freedom of navigation principle.

The Houthis have intensified their attacks on various vessels in the Red Sea, endangering a critical passageway that caters to nearly 12% of global trade.

This surge in hostile activities has propelled concerns and necessitated a collaborative security approach.

Austin articulated that the coalition's primary objective revolves around ensuring unhindered navigation for all nations while fortifying regional security and prosperity.

This multinational effort enlists the participation of the US, United Kingdom, Bahrain, Canada, France, Italy, Netherlands, Norway, Seychelles, and Spain.

However, amidst these developments, the recent incident involving the Swan Atlantic, owned by Norway's Inventor Chemical Tankers, unveiled the complexities of the situation.

The ship, carrying biofuel feedstock from France to Reunion Island, had no affiliation with Israel and was managed by a Singaporean entity. Fortunately, the Indian crew remained unharmed, and the vessel sustained minimal damage.

The repercussions of these attacks have reverberated across the global maritime industry. Major entities like British oil giant BP and Taiwan's Evergreen have suspended their Red Sea transits and Israeli cargo shipments, respectively.

Additionally, Frontline, a prominent tanker company, declared rerouting ships and strict scrutiny over new business, opting for the longer and fuel-intensive South Africa's Cape of Good Hope route.

Consequently, the upsurge in insurance premiums for ships navigating through the Red Sea has made the Suez Canal economically unfeasible for some vessels.

Renowned shipping companies like Mediterranean Shipping Company, CMA CGM, Hapag-Lloyd, Euronav, and AP Moller-Maersk have all halted Red Sea operations until further notice.

This unprecedented halt in maritime operations has led experts to categorise the situation as a "maritime security crisis" with widespread commercial and economic ramifications.

Torbjorn Soltvedt of analysis firm Verisk Maplecroft stressed the severity of the issue, pointing out the profound implications not only in the regional context but also globally.

The collective efforts of the coalition, therefore, aim to restore stability in the region and ensure the uninterrupted flow of global trade through this crucial maritime corridor.