Piracy in Somalia Affects International Shipping Industry and Increase Stories Like That of Captain Phillips

Piracy in Somalia has become a great threat for the international shipping industry.

Piracy in Somalia eventually continues to increase since the onset of the second phase of Somali Civil War. Numerous international organizations have shown concern over the dramatic rise in piracy due to the fact that it greatly affects the delivery of shipments. It causes a great waste of time since it results to such delay which really costs a lot of money.

Losses in global trade are estimated to be around 6.6- 6.9 billion dollars in a year according to Oceans Beyond Piracy (OBP). Shipping lines that passes the coastal borders of the country are having great worries since piracy in Somalia has become very rampant. With that, authorities have established a task force that could combat piracy.

Joint efforts coming from the Somali government and other international authorities were made to address piracy in Somalia. In the middle of 2010, there was a report that the increased efforts of different authorities contributed to the significant reduction of piracy attacks.

To read the entire article, please click here.

Source: http://www.travelerstoday.com/

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