The Cost Of Piracy

We used to hear of this in the waters around Malysia and The Philippines, but of more recent times the news is regularly reporting on another vessel being hijacked by Somali pirates. From container ships to bulk oil carriers to fishing trawlers and pleasure yachts – the pirates will take what they can get – including people for whom they can extract hefty ransoms.

The shipping world is at odds as to what to do about this problem. Many shipping lines would like to take stronger action, even to having armed guards on board, but, there is concern as to when and if to fire, what might happen if these pirates who already have machine guns get hold of weapons and so on.

And, of course, the cost of having these extra guards….

You would like to think that they should not be needed, but this is an unfortunate reality. The cost of life in Somalia is so cheap, that their own country will take little to no action.

Maybe it is time for the insurance companies to take a stance.

Meanwhile, some country’s navies are plying the waters frequented by these pirates, and they have had some limited success in preventing some hijacks, but one might ask why there has been no firm commitment from all of the affected shipping lines, countries, cargo owners and so on in the ‘fight’ against piracy.