The shipping company behind the bulk carrier ‘Eternity C’ is left without coverage after the insurer refused to provide war risk insurance for the vessel, which was sunk by a Houthi missile in the Red Sea.
**A loss of $15–20 million**
This is the estimated financial blow to Greek shipowner Cosmo Ship Management after its bulk carrier ‘Eternity C’ was sunk by a Houthi missile attack in the Red Sea on Monday. The vessel lacked the additional war risk insurance typically required to operate in the conflict-ridden area, as reported by the *Financial Times*.
According to the report, Travelers declined to underwrite the necessary extended coverage due to heightened risks in the region. As a result, the ship’s owner, Guildford Navigation, and operator Cosmo Ship Management—which manages the vessel—could face the full financial loss of the ship, which was struck by missiles and sank with multiple casualties.
The search for survivors has officially been called off, though 11 crew members remain missing in addition to four others presumed dead.
The attack highlights the escalating insurance costs tied to Red Sea transits, as Iran-backed Houthi forces intensify assaults on commercial shipping. Rising risks have prompted many shipping firms to abandon the Suez Canal entirely, opting instead for the far longer route around Africa’s Cape of Good Hope.
