Second tanker hijacking in 10 days exposes Red Sea security vacuum as naval assets stretch thin
Somali pirates exploit diverted anti-piracy patrols while dual chokepoint crisis drives insurance premiums to multiyear highs
The hijacking of the oil tanker MT Eureka off Yemen’s coast on May 2—the second such incident in 10 days—signals a structural breakdown in maritime security as naval forces stretched between Red Sea and Persian Gulf operations leave the Gulf of Aden vulnerable to resurgent piracy.
Armed assailants seized the MT Eureka and diverted it toward Somali waters, according to Al Jazeera. The incident follows the April 22 hijacking of the Honor 25, which was carrying 18,500 barrels of oil. Both vessels were operating in waters where anti-piracy patrols have sharply declined since late 2023, when Houthi attacks on commercial shipping pulled naval assets northward into the Red Sea.
Somali piracy had largely subsided between 2012 and 2022 due to sustained international naval patrols. The reallocation of those assets to counter Houthi threats in the Red Sea—following the October 2023 Gaza war—created an enforcement vacuum that armed groups on the Somali coast have exploited. The UK Maritime Trade Operations office raised the piracy threat level to ‘substantial’ in early May 2026.
dual chokepoint pressure
The timing compounds an already severe maritime crisis. Iran’s blockade of the Strait of Hormuz—ongoing since February 28—has forced crude tankers to seek alternate routes, while Houthi attacks in the Red Sea have disrupted traffic through the Bab el-Mandeb strait. Together, these chokepoints handle approximately 37% of seaborne oil and over 40% of container trade between Asia and Europe, per World Atlas baseline figures, though current flows are significantly reduced due to ongoing diversions.
Brent crude surpassed $100 per barrel on March 8 following the Hormuz closure, peaking at $126 before settling in the $108-$115 range through April. War-risk Insurance premiums for chemical tankers transiting the Red Sea now range between 0.5% and 1.0% of vessel value, while Asia-Europe container rates run 25-40% above pre-crisis levels, according to data from SUAID Global.
naval resources stretched across multiple theaters
The US Fifth Fleet maintains approximately 7,000 personnel in the Red Sea region as part of Operation Prosperity Guardian, the coalition established in December 2023 to counter Houthi attacks. But officials cited by Al Jazeera noted that pirates have grown emboldened as naval forces are distracted by the Strait of Hormuz blockade and civilian maritime routes are diverted around the Horn of Africa.
The Houthis resumed attacks on Israeli-linked vessels in late March amid the broader US-Israel-Iran conflict, threatening to close the Bab el-Mandeb strait if Gulf Arab states joined military operations against Iran. That escalation forced commercial carriers to maintain Cape of Good Hope routing even as some had tentatively begun returning to Red Sea lanes in early 2026.
“Officials say pirates have become emboldened as naval forces patrolling the Red Sea area are distracted by the blockade of the Strait of Hormuz and civilian maritime routes diverted.”
— Yemeni and international officials, as reported by Al Jazeera
insurance markets reprice risk
The twin hijackings have triggered immediate reassessment in London and Singapore insurance markets. War-risk underwriters—already grappling with elevated premiums from Houthi and Iranian threats—now face a third risk vector in the form of opportunistic piracy. Shipping executives interviewed by Container News in April indicated that any sustained uptick in Gulf of Aden incidents would force carriers to extend Cape routing indefinitely, adding 10-14 days and approximately $400,000 in fuel costs per voyage for large container ships.
The Red Sea corridor normally handles over $1 trillion in annual trade, with the Suez Canal accounting for roughly 12-15% of global seaborne commerce and 30% of container flows. Current volumes are running at roughly 40% of historical baseline as most major carriers maintain southern routing.
what to watch
Track whether Yemeni Coast Guard operations—currently attempting to locate and recover the MT Eureka—succeed in deterring follow-on incidents. The next 30 days will determine whether this represents isolated opportunism or the beginning of a sustained piracy campaign. Insurance premium adjustments typically lag incidents by 7-10 days; expect updated war-risk quotes by mid-May. Monitor whether NATO or EU naval forces redeploy counter-piracy assets from the Mediterranean or North Atlantic, and whether fifth Fleet requests additional surface combatants from CENTCOM. Any third hijacking in the next two weeks would likely trigger mandatory armed-guard requirements for tankers transiting the Gulf of Aden, adding $50,000-$100,000 per voyage and further tightening already constrained private Maritime Security capacity.