Houthis seize Mokha and Perim island, tightening control of Bab al‑Mandeb and lifting shipping risk premium

On Sept 11–22, 2026 Houthi forces captured the Red Sea port of Mokha and Perim (Mayyun) island, placing them in effective control of the Bab al‑Mandeb strait. The moves have sharply raised maritime risk, prompted rerouting and higher freight and insurance costs, and increased fuel import bills for several African importers.

Control of Bab al‑Mandeb raises the cost of transit and insurance for vessels using the Red Sea route. Carriers may continue diverting around the Cape of Good Hope or charge surcharges, which raises landed costs for fuel, food and manufactured imports into East Africa. That tightens FX and short‑term external cashflow pressures for import‑dependent African governments and could transmit to longer‑dated sovereign bond spreads via duration and risk‑premium channels.

Whether major carriers resume full Red Sea routings or sustain Cape detours, and any multinational naval/coordinated security response.