The FSO Safer Story: How the world gave the Houthis an oil tanker

This episode of the Lloyd’s List Podcast was brought to you by Veson. Visit veson.com for more information.

THIS is a story about a ship that has been used as a floating bomb, as political leverage and as an environmental threat.

It’s a story about how the international community was convinced into raising $50m to buy a group designated by the US government as terrorists, a ship, and how that ship is being used today to store sanctioned Russian cargoes.

And it is a story about how an Islamist political organisation that emerged from Yemen in the 1990s, that barely registered on even regional risk lists a few years ago, has been allowed to rapidly evolve into a powerful military organisation apparently able to defy the combined naval protection capabilities of the Western world.

It is also a story about why that transformation is far from over — and why the threat to shipping is growing.

Joining Richard Meade to tell the FSO Safer story are:

• Ian Ralby, chief executive, IR Consilium

• Tomer Raanan, risk analyst, Lloyd’s List