Piracy Information

We’ve observed increasing interest in the insurance implications of maritime piracy given the recent surge in incidents in the Gulf of Aden and off the coast of Somalia. Last month Somali pirates seized a Saudi oil tanker, the Sirius Star, carrying oil reportedly worth more than $100 million to the U.S. Negotiations continue for the release of the vessel and its 25-man crew. Piracy has long been an issue for the shipping industry and marine insurers. In early November, the United States Maritime Administration (MARAD) issued anti-piracy recommendations for vessels transiting the Gulf of Aden. The recommendations included staging anti-piracy equipment such as fire hoses and spotlights and to transit the region at the highest practicable speed. The International Maritime Bureau Piracy Reporting Center has a wealth of related information available online including a weekly piracy report and a live piracy map. Well worth a read.  

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