Cost Of Somali Piracy Slumps As Attacks Fall

Posted by Joseph R. Fonseca
Wednesday, May 07, 2014
Face of Piracy

 

The cost of Somali piracy to the global economy fell by almost half last year as attacks slumped, but piracy in West Africa was on the rise, an annual security report said on Wednesday.

The Oceans beyond Piracy report put the total cost of Somali piracy - by far the largest single threat to international shipping in recent years - at only $3.2 billion in 2013.

There were still at least 50 hostages in Somali captivity in desperate conditions, held on average for most three years each, the report said.

Gauging the level of threats in the Gulf of Guinea was difficult because of incomplete reporting but it was clear that rising numbers of seafarers were being kidnapped, it said.

At the height of Somali pirate attacks in 2011, up to a dozen or more merchant ships were being held captive at any one time, often for multimillion-dollar ransoms.

Since then, growing use of private security details and the presence of international warships have largely prevented successful attacks. No large vessels were seized in 2013.

"The efforts of the international community and the shipping industry have considerably reduced the threat of Somali piracy," says Jens Madsen, one of the report's authors. "But we have yet to achieve the goal of ... zero vessels captured and zero hostages held."

Only a tiny proportion of the money spent on Somali piracy was being used for permanent solutions onshore, the pirates' launching pad for attacks on passing ships, the report said.

The lost majority of the funds was used for private security contractors and insurance premiums.

PIRACY DIFFERENT IN WEST AFRICA

Shipping companies, which in the past used larger and more costly teams and took expensive steps such as rerouting vessels and traveling at greater speed, were increasingly turning to smaller groups of armed personnel, the report said.

Somali pirates were increasingly attacking local fishermen and smaller craft, often hoping to use their vessels to attack larger ships.

In West Africa, tackling the attacks was complicated by the lack of regional cooperation and information sharing, it said.

"Piracy in the Gulf of Guinea is fundamentally different (from) events taking place in the Indian Ocean," said Madsen.

"We observe... a high degree of violence in this region," he said. "The constantly evolving tactics of West African piracy make it extremely difficult to isolate it from other elements of organised crime."

(Reporting by Peter Apps; Editing by Tom Heneghan and Eric Walsh)

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter January 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

COSCO Plans European Transhipment Hub

China's COSCO is forging ahead with a plan to build a European transhipment hub, reports Reuters. The state owned shipping giant is expected to make an offer for

MISC Bhd: Revenue Up

Malaysia International Shipping Corporation Berhad (MISC Berhad), a shipping arm of Petronas, has seen an increase of 12.3 percent in its net profit for the 2015

Cosco Merger May Change Industry Dynamics

The merger between China Shipping group and the Cosco Group has given rise to a mammoth company that could trigger stability and extended consolidation in the global shipping industry,

Passenger Vessels

World's Richest Travellers Prefer Panama

According to AFP Relaxnews, Panama saw the most growth in interest among the world’s richest jetsetters for travel this winter and spring.   Panama saw the most

Peak Shipping Season Is Approaching For United Yacht Transport

Spring is the busiest season for United Yacht Transport, the North American leader in boat transport. The international boat transporters are set to complete various shipments in the upcoming months.

SS United States to Sail Again

Crystal Cruises reaches deal to restore the record-breaking and storied SS United States to a fully operational modern luxury cruise ship   Crystal Cruises has

Maritime Security

Antietam, McCampbell Build Relationships at IFR 2016

Ticonderoga-class guided-missile cruiser USS Antietam (CG 54) and Arleigh Burke-class guided-missile destroyer USS McCampbell (DDG 85) arrived Feb. 4 in India

Hijacked Singaporean Ship Released in Nigeria

The crew of a Singapore-registered container vessel, Safmarine Kuramo, hijacked off the Nigerian Coast earlier this week, were released unharmed on Saturday (Feb

Indian Navy Shows Off Strength

India’s naval might was on full display off the coast of Visakhapatnam today (Saturday) as President Pranab Mukherjee reviewed the naval fleet.   Mukherjee,

Casualties

USCG Issues Zika Virus Precautions

Recently, the World Health Organization designated the Zika virus as a global public health emergency. This has prompted questions from the maritime industry regarding

Boxship Aground Near Port of Hamburg

A Chinese container ship that is one of the world's largest has run aground on the river Elbe near Germany's largest port Hamburg but shipping to the harbour continues as normal,

A2SEA Jack-Up Capsizes Off Denmark

A2SEA has announced that wind turbine installation vessel has capsized off the Danish coast due to harsh weather on Wednesday.    It has gone from bad to worse for A2SEA-vessel Sea Worker.

News

MHI's Entity to Oversee Material Handling Equipment, Engine and Turbocharger Businesses

Today Mitsubishi Heavy Industries, Ltd. (MHI) decided in principle to launch a new wholly owned entity to integrally oversee its current businesses in material

Globus Maritime Reclassifies Board Member

Globus Maritime Limited, a dry bulk shipping company, announced today that when Georgios Karageorgiou, a Class I director of Globus Maritime Limited  resigned on December 28,

First Panama Canal Water-Saving Basin Filled

The Panama Canal Authority (ACP) announced that the first water-saving basin of the Agua Clara Locks’ upper chamber has been filled to the required level in order

Maritime Safety

Antietam, McCampbell Build Relationships at IFR 2016

Ticonderoga-class guided-missile cruiser USS Antietam (CG 54) and Arleigh Burke-class guided-missile destroyer USS McCampbell (DDG 85) arrived Feb. 4 in India

Hijacked Singaporean Ship Released in Nigeria

The crew of a Singapore-registered container vessel, Safmarine Kuramo, hijacked off the Nigerian Coast earlier this week, were released unharmed on Saturday (Feb

VPS Raises Concerns Over Revised Rules for Fuels

Veritas Petroleum Services (VPS) expressed reservations about some of the proposed revisions to the international ISO 8217 specifications of marine fuels. Areas

Vessels

Globus Maritime Reclassifies Board Member

Globus Maritime Limited, a dry bulk shipping company, announced today that when Georgios Karageorgiou, a Class I director of Globus Maritime Limited  resigned on December 28,

Antietam, McCampbell Build Relationships at IFR 2016

Ticonderoga-class guided-missile cruiser USS Antietam (CG 54) and Arleigh Burke-class guided-missile destroyer USS McCampbell (DDG 85) arrived Feb. 4 in India

Cosco Merger May Change Industry Dynamics

The merger between China Shipping group and the Cosco Group has given rise to a mammoth company that could trigger stability and extended consolidation in the global shipping industry,

Insurance

Glencore to Lift Iranian Fuel Oil at Bandar Mahshahr

Anglo-Swiss commodity trader Glencore has chartered a ship to load Iranian fuel oil at the Iranian port of Bandar Mahshahr in a move that signals the return of

Norbulk Selects Parker Kittiwake’s Cat Fines Test Kit

Parker Kittiwake, a leading global supplier of asset control and protection technology, has today announced a significant order of its recently launched Cat Fines

Boxship Aground Near Port of Hamburg

A Chinese container ship that is one of the world's largest has run aground on the river Elbe near Germany's largest port Hamburg but shipping to the harbour continues as normal,

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1294 sec (8 req/sec)