Piracy off the coast of Somalia has wreaked havoc on shipping industry, say specialist energy attorneys.
MARITIME piracy poses a significant threat to the feasibility of east Africa’s natural gas reserves, says Luke Havemann, founding director of specialist energy attorneys, Havemann Inc.
Mr Havemann was speaking at the Natural Gas Southern Africa Conference in Johannesburg on Wednesday.
“Maritime piracy in the Gulf of Aden off the coast of Somalia has been on the increase since 2008 and has wreaked havoc on the shipping industry,” he said.
“It (piracy) has resulted in significant increases in associated costs as ships either take a longer route to avoid this area, or race through this area at high speeds, which is heavy on fuel.
“Insurance premiums have skyrocketed and shipping companies now hire specialist security services to accompany ships,” Mr Havemann said.
This article was posted by Neptune Maritime Security via businesslive.co.za. MaritimeSecurity.Asia in cooperation with www.neptunemaritimesecurity.com