September 2012 As the threat of piracy in international water peaking in 2011, incidents have recently fallen off. International naval task forces have had a lot to do with it, but so have private security firms that shipping companies have been hiring to personally secure their ships. International shippers spend nearly $1 billion USD securing […]
Pirate Demands
The thriving black-market industry of piracy cost the world economy an estimated $7 billion in 2011, and pirates themselves netted about $160 million in ransoms alone, according to a recent report from the International Maritime Bureau. Although international cooperation and the education of shipping companies is finally resulting in a reduction of overall pirate attacks, the […]
Asian Piracy Threat
November 2012 A couple of recent hijackings in southeast Asia highlight the problem that is becoming an increasing issue for the region. The two recent victims were both fuel tankers– the Arowana was stolen off the coast of Malaysia in October and the Scorpio was hijacked in the Singapore Strait in September. Both vessels were hijacked, then […]
Singapore will continue to host anti-piracy center
March 2012 The Regional Cooperation Agreement on Combating Piracy and Armed Robbery against ships in Asia (ReCAAP) Information Sharing Center (ISC) will remain hosted by Singapore for five additional years. Because Singapore serves as a global hub for international shipping, and is centrally located in the Asia Pacific region, it is an advantageous location for […]