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

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

Annex A details the current state of the ceasefire between Israel and Hamas, with a specific focus on the Houthi’s response to the recent breakdown in negotiations. Should the ceasefire be breached by the 15 February deadline, the Houthis have declared that they will immediately resume their Red Sea campaign. Nonetheless, the cessation of attacks since the ceasefire has led to a slightly decreased threat level for all ships besides those linked to Israel.

Annex B provides an update to the Black Sea security situation as of 13 February, 9:00 UTC. Diplomatic developments arising out of the Munich Security Conference suggest that preliminary talks to end the war have begun. However, without a clear ceasefire plan, extreme caution should be maintained in the Black Sea Area.

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)31 -Annex A – RI Red Sea Security Update 12.2.25

MC(25)31 -Annex B – RI Black Sea Security Update 13.2.25