Risks for vessels are growing rapidly along Africa’s East and West coast and costs could equal 60% of the value of cargo if a ship is pirated
By DES LATHAM
With piracy up 17% along the East African coast, and rising fast in West Africa, managing the risk has become a challenge for shipping companies.
What has happened is cargo owners are forced to sign an open-ended guarantee note with most companies.
When ships are seized by pirates, it can take more than three months to get the vessel
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