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About: List of ships attacked by Somali pirates     Goto   Sponge   NotDistinct   Permalink

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Piracy off the coast of Somalia has been a threat to international shipping since the beginning of the Somali Civil War in the early 1990s. Since 2005, many international organizations have expressed concern over the rise in acts of piracy. Piracy impeded the delivery of shipments and increased shipping expenses, costing an estimated $6.6-$6.9 billion a year in global trade according to Oceans Beyond Piracy (OBP). According to the German Institute for Economic Research (DIW), a veritable industry of profiteers also arose around the piracy. Insurance companies significantly increased their profits from the pirate attacks as insurance companies hiked premium rates in response.