A report in today’s Financial Times discusses the cost maritime piracy adds to global trade. Citing the successful hijacking of the Irene SL, a Greek-owned Very Large Crude Carrier (VLCC) in February this year, the paper suggests that this hijacking proved beyond doubt that Somali pirates were more than able to hijack and control even the biggest ocean-going vessels and oil tankers in particular.
Citing data supplied by the International Maritime Bureau, the report notes that there have
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