Stepped up efforts by Somali pirates to extort money from from oil tankers and other deep sea vessels could lead to higher prices for a range of vital commodities including grain and oil, the world's leading shipping associations warn.
BIMCO, the International Chamber of Shipping, INTERCARGO and INTERTANKO today released an open letter calling for a more "robust response" to the actions of pirates from the strife-ridden African coastal nation.
They say torture of sailors has become commonplace, and with 30 ships including 700 seafarers now held hostage, the situation is deteriorating to the point that alternative shipping routes - which would add delay and cost to movement of commodities - are under consideration.
That could have a "very dramatic effect" on the world's economy according to the quartet.
Somalia sits along one of the world's primary shipping routes. It's a vast area and to date, national governments have not shown an inclination to take conclusive action to deal with the situation.
Source: The Vancouver Sun
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