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Rising piracy on Indian Ocean spells high insurance charges

Rising piracy on Indian Ocean spells high insurance charges

The number of piracy incidents doubled off the coast of East Africa in 2017 compared to 2016, an international maritime body says.

It showed that Somali criminal networks were still capable of sophisticated attacks, the OneEarth Future said in their annual State of Piracy report.

newsinsudeIts lead author Maisie Pigeon said in a statement:

Pirate activity in 2017 clearly demonstrates that pirate groups retain their ability to organise and implement attacks against ships transiting the region.”

Phil Belcher from the association of tanker owner, Intertanko, said the conflict in Yemen was also threatening shipping near the Horn of Africa.

“We are advising our members to consider a more comprehensive security assessment to take into account other threats.”

Piracy also continued to pose a threat in the Gulf of Guinea despite a broad array of countermeasures implemented by coastal states and maritime security companies, the report said.

Piracy off the Somali coast – usually for ransom – had dropped significantly in recent years, in part because of extensive international military patrols as well as support for local fishing communities.

At the height of the crisis in 2011, there were 237 attacks and the annual cost of piracy was estimated to be up to $8bn (£7bn).

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