Piracy Risks Threaten International Shipping Insurance
The Joint Maritime Information Centre based in Bahrain has rated recent instances of cargo ships being boarded off the Somalia coast as a substantial risk to vessels traveling through the region. Pirates are capitalizing on the absence of Somali coastguards, navy, or effective authorities to conduct illegal fishing activities. Local communities have expressed anger regarding the situation off their shoreline. The source noted that pirates do not necessarily act in the 'Robin Hood' fashion they claim. Pirates may attempt to hijack vessels and anchor them near the Somali coastline to demand ransoms. These ransom demands can often extend to millions of dollars. The report notes that similar hijacking tactics were observed a couple of years ago. Piracy risks have increased near the Somali coastline due to ongoing conflict in the Strait of Hormuz and continued regional insecurity.
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Sources · 7 independent
“these latest instances of cargo ships being boarded off the Smiles? coast. as rated by the Joint Maritime Information Centre based in Bahrain, a substantial risk to ships travelling through the region.”
“the factors favouring piracy over the last few months which has made the risk a lot more significant for shipping and indeed for I think for vulnerable coastal communities”
“the factors favouring piracy over the last few months which has made the risk a lot more significant for shipping”
“piracy potentially digs its claws back into communities along the Somali coastline. I mean, do we know who the pirates are and how their activity is funded?”
“I wonder whether they're opportunistic criminal gangs or are there links to terror groups such as we saw with Al-Shabaab”
“There's two monsoons in the Indian Ocean. in that period now where pirates have a lot more favourable conditions. We also see among many Somali communities a renewed sense of grievance”
“there hasn't been a Somali coastguard or a navy or an authority really able to go out there and prevent or license these fishing activities.”
“looking to take cruise ransom from ships or indeed hijack the entire vessel, take it close to the Somali coastline and anchor it there and charge a ransom which can often extend to the millions of dollars”
“piracy business was said to be worth up to what $150 million? be a concern for international shipping right now, isn't it? Absolutely it will.”
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