 | This article needs to be updated. (December 2021) |
Piracy in Somalia has been a threat to international shipping since the beginning of the country's civil war in the early 1990s.[1] Since 2005, many international organizations have expressed concern over the rise in acts of piracy.[2][3] Piracy impeded the delivery of shipments and increased shipping expenses, costing an estimated $6.6 to $6.9 billion a year in global trade in 2011 according to Oceans Beyond Piracy (OBP).[4]
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 the firms hiked rate premiums in response.[5] Since 2013, piracy attacks have decreased in the region due mostly to patrolling by the navies of countries across the world, especially India, China and EU Navfor Operation Atalanta (a joint operation of numerous European navies).[6]
- ^ Khan, Sana Aftab. "Tackling Piracy in Somali Waters: Rising attacks impede delivery of humanitarian assistance". UN Chronicle. United Nations Department of Public Information, Outreach Division. Archived from the original on 15 November 2007.
- ^ "Piracy: orchestrating the response". International Maritime Organization. Archived from the original on 5 November 2013. Retrieved 8 December 2014.
- ^ "Hijackings cut aid access to south Somalia, lives at risk". World Food Programme. Archived from the original on 17 December 2013. Retrieved 8 December 2014.
- ^ Anna, Bowden. "The Economic Cost of Somali Piracy 2011" (PDF). Oceans Beyond Piracy. Archived from the original (PDF) on 6 April 2016. Retrieved 29 March 2015.
- ^ "The Advantage of Piracy". German-foreign-policy.com. Archived from the original on 29 September 2017. Retrieved 17 December 2011.
- ^ "Chinese Navy Hands Pirates Over to Somali Authorities". Maritime executive. 8 May 2017. Retrieved 22 October 2018.
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