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 Reporter August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Mercury Marine Launches Repower Financing

Mercury Marine launched a new repower finance program that aims to make it easier for consumers to get the engine performance they want with flexible financing for a broad range of buyers.

Maritime Academy Awarded DHS Grant for Arctic Training

Maine Maritime Academy receives $450,000 grant From U.S. Department of Homeland Security for ice navigation and maritime first responder courses for the Arctic Maine

Knightsbridge Closes Vessel Acquisition Transaction

Bermuda-based Knightsbridge Tankers Limited announced that it has closed the first stage of its vessel acquisition transaction. Knightsbridge has issued 31 million

News

Gladding-Hearn Delivers Third NYPD Boat

With more than a dozen patrol boats and a fireboat built by Gladding-Hearn Shipbuilding, Duclos Corporation, operating in New York Harbor, the Somerset, Mass.,

Cook Joins Horizon Shipbuilding as Operations VP

Horizon Shipbuilding, Inc. announced that Mickey Cook has joined the corporation as the Vice President of Operations for the Bayou La Batre shipyard. Cook, one of the founders of C & G Boatworks,

Update: SS Central America Salvage

Odyssey Marine Exploration completes current phase of SS Central America recovery; 15,500+ gold and silver coins, 45 gold bars recovered to date; 161,000-square meter,

Maritime Safety

Lake Charles Tugboat Engine Room Fire Extinguished

The Coast Guard informs that along with the Black Bayou Fire Department it has responded to a tugboat on fire near Lake Charles, Louisiana. At approximately 1:15 p.

Maritime Academy Awarded DHS Grant for Arctic Training

Maine Maritime Academy receives $450,000 grant From U.S. Department of Homeland Security for ice navigation and maritime first responder courses for the Arctic Maine

Cargo Container Security Alliance Formed

SC-integrity, Inc. (LoJack SCI) and Contguard Ltd. announced a strategic alliance designed to provide their customers with security and real-time visibility of

Vessels

Austal Delivers Fourth JHSV to the US Navy

The U.S. Navy accepted delivery of USNS Fall River (JHSV 4) from Austal USA yesterday, a week shy of six months from the date they took delivery of JHSV 3. This

Gladding-Hearn Delivers Third NYPD Boat

With more than a dozen patrol boats and a fireboat built by Gladding-Hearn Shipbuilding, Duclos Corporation, operating in New York Harbor, the Somerset, Mass.,

Survey Vessel Delivered to Fugro N.V.

Fugro Pioneer is the second of three vessels to be delivered to Fugro in 2014. Fugro has taken delivery of the second of the three Fugro Offshore Coastal Survey

 
 
Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Ship Electronics Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1685 sec (6 req/sec)