![]() ![]() According to the International Maritime Bureau, pirate attacks had by October 2012 dropped to a six-year low, with only one ship attacked in the third quarter compared to thirty-six during the same period in 2011. Ĭombined Task Force 150, a multinational coalition task force, took on the role of fighting the piracy by establishing a Maritime Security Patrol Area (MSPA) within the Gulf of Aden and Socotra Passage. Insurance companies significantly increased their profits from the pirate attacks as insurance companies hiked premium rates in response. According to the German Institute for Economic Research (DIW), a veritable industry of profiteers also arose around the 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). Since 2005, many international organizations have expressed concern over the rise in acts of piracy. 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. General area of the Indian Ocean, Gulf of Aden and Socotra Passage where pirates operate Map all coordinates using: OpenStreetMap ![]()
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