Terror on high seas, now a major worry for ship owners
Plummeting freight rates and shrinking cargo as a result of the global financial meltdown are not the only issues presently gnawing at shipping companies. The recent flare-up of terror on high seas, off the coast of Somalia, has become a sharper concern for ship owners.
Even after the Indian seafarers aboard Stolt Valor, which was hijacked [...]
Piracy scourge affecting India’s merchandise trade
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Twenty seven-year-old Jasmeet Singh, third officer with a Norwegian merchant vessel cruising along the Horn of Africa en route to the Mediterranean sea, is a worried man. Satellite phone usage on-board is limited to senior officers like the captain and chief engineer.
But these are exceptional times. Besides his family, Singh has repeatedly called four of [...]
Defiant Somali pirates await EU navy force
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Somali pirates were undeterred Saturday as a new European Union naval forces readied to launch an operation aimed at curbing relentless attacks that have rattled world maritime trade. The EU’s anti-piracy drive, dubbed Atalanta, was to formally kick off on Monday, increasing the military presence in the Gulf of Aden, which has in recent months [...]
The latest must-have for commercial shipowners: a piracy insurance policy
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A risk consultancy with close ties to the Lloyd’s insurance market is offering the world’s first insurance policy for shipowners covering potential ransom payouts on crew members who have been kidnapped.
Kidnap and ransom insurance is well-established but has traditionally been offered only in respect of individual executives working in commercially sensitive [...]
Piracy at ‘Intolerable’ Level, Says Maritime Executive
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The massive deployment of foreign navies to the vital shipping lane off the Horn of Africa and the Gulf of Aden has so far failed to slow the rate of pirate attacks, with new ships taken almost daily, according to maritime executive Christopher Hayman. He said most commentators agreed that piracy was merely the symptom [...]
Legal Hurdles in West Slow Pursuit of Pirates
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Somali pirates firing automatic weapons and rocket-propelled grenades hijacked yet another ship in the Gulf of Aden on Friday, this time seizing a chemical tanker. A German military helicopter from a nearby warship arrived in time to pull three security guards out of the water, but not soon enough to prevent the hijacking of the [...]
Saudi, French Leaders Call For International Efforts To Protect Shipping
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French President Nicolas Sarkozy and Saudi King Abdullah on Saturday called for international efforts to protect shipping in the Gulf of Aden amid a spate of attacks by Somali pirates. The two leaders also discussed the global financial crisis and Middle East peace, during a brief visit by Sarkozy to Saudi Arabia, the official SPA [...]
Steaming under the constellation of Piracy
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Piracy has occurred through the ages together with the presence of the first Ships. People along the coasts of the Mediterranean Sea have been trying to gain control of the trade routes and attacking the competition that was en route by sea. Thus it was common practice for the people engaged in commerce to be [...]
Yemen negotiates for release of hijacked cargo ship
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Yemeni authorities have made contact with Somali pirates who are demanding two million dollars to release a Yemeni cargo ship they seized in the Gulf of Aden, officials said on Tuesday. “The pirates are demanding a ransom of two million dollars,” said one official, declining to be named. The vessel was on its way from [...]
Shipping industry calls for blockade of Somalian coast
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A shipping body and tanker owners from around the world on Monday called for a military blockade along the coast of Somalia to intercept pirate vessels heading out to sea. Peter Swift, managing director of the International Association of Independent Tanker Owners, said stronger naval action - including aerial and aviation support - is necessary [...]
