Members are invited to consider the most recent Risk Intelligence reports provided at the annexes as follows:

· Annex A – Northern Black Sea Updates
· Annex B – Red Sea Updates

Annex A provides an update on the Black Sea security situation, noting that recent leadership changes have not yet signalled potential ceasefire negotiations. Consequently, the security landscape remains relatively unchanged. Annex B is the most recent report on the Red Sea security situation, released at 08:00 UTC on 22 January, just hours before the release of the MV GALAXY LEADER. It details the Houthi’s current stance on the phased ceasefire as it relates to further operations in the Red Sea and urges caution towards the agreement until all sides prove a willingness to cooperate.

In accordance with the scope of the agreement between ICS and Risk Intelligence, members are requested not to circulate the report further in its entirety. Members may precis the report or use extracts from it to help advise members on key issues or to assist in enquiries. In such cases, Risk Intelligence should be acknowledged as the source of the information

MC(25)15 -Annex A – 23-1-25 Risk Intelligence Northern Black Sea Updates

MC(25)15 -Annex B – 22-1-25 Risk Intelligence Red Sea Security Updates