Herminius provided an intelligence update noting increased risk across nine regions, including Iran, Saudi Arabia, Mexico, and Russia.

• Iran: The recent escalation to open conflict with Israel and subsequent US intervention has heightened maritime vulnerability. Iran’s reduced ability to exert influence through conventional means may lead to greater reliance on maritime disruption, increasing risk scores.
• Red Sea: Houthi attacks have become more sophisticated and lethal, with recent incidents aimed at sinking vessels linked to Israel. Expanded range and improved tactics suggest a shift in threat posture, raising concerns about listed area adequacy.
• “Shadow” Fleet: Pressure on Russia’s supporting fleet continues, particularly in the Baltic, where prolonged detention risk is rising. Broader geopolitical dynamics, including US policy shifts, were noted as influencing the outlook.

Listed Areas and Market Engagement
No changes were made to Listed Areas. 

Policy and Clause Development
The Committee discussed uncertainty around the term “outbreak of war” and its implications for automatic termination clauses. An MoU is under consideration to establish clear criteria, with a working group to follow.

Other Business
Herminius will continue monitoring developments in the Baltic and Red Sea.