Piracy Costing The Global Shipping Industry Over $9 Billion Per Year
An Indian ship owner has spoken out that the world shipping trade is being affected by piracy, so much so that it is costing the industry a massive $9 billion a year.
Anil Devli, of the Indian National Shipowners Organisation, said that the costs for the global shipping sector are increasing due to rising insurance costs and longer routes.
Piracy is also causing more armed guards being posted on board ships and ransoms being paid to get hijacked vessels and crew released safely.
Devli is calling for a maritime force to halt pirates operating off the Somalian coast in the Indian Ocean and he has written to the Indian government to ensure the safety and security of seas lanes in also in the Arabian Sea.
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