#News #Upstream Oil & Gas News #World

Falling oil prices cause increase in violent pirate attacks

Increased threat of violent piracy attacks soars as oil prices tank impacting vessels travelling through the Gulf of Guinea. International shipping leaders demand more naval presence in West Africa as gangs of pirate’s head hundreds of miles to sea for a chance at a hostage takeover of entire crews forcing shipping companies to pay ransoms.

These current and constant piracy incidents in West Africa mirror the Somali-style piracy crisis from a decade ago. With the lack of policing within the Gulf of Guinea maritime zone “the risk-reward ratio is very heavily in favour of the pirates” says director of the International Maritime Bureau.

The hijacking was one of 16 attacks or attempted attacks this year alone in the Gulf of Guinea, according to Dryad Global, a British maritime security consultancy. Last year, 130 sailors were kidnapped in the region, a figure that accounted for 95 per cent of global kidnappings at sea.

Click on the link below for full report

Source: SweetCrudeReports

Leave a comment

Your email address will not be published. Required fields are marked *