1. Piracy Spurs Threats to Shipping Costs.
- Author
-
MILLER, JOHN W.
- Subjects
- *
MARITIME shipping -- Security measures , *WAR risk insurance , *SHIPPING passes , *TERRORISM insurance , *HIJACKING of ships , *WAR risks (Insurance) , *CANALS - Abstract
The article discusses the threats posed by piracy on shipping costs. Increase in shipping costs is driven by the longer route taken by vessels to avoid heading to Africa, introduction of special war risk insurance and possible hiring of more onboard security. According to the article, shippers are still confident to head towards Africa knowing that other route like Suez Canal has very expensive fee of $200,000. It also notes that the National Shipping Association plans to step up security campaign off the East African Coast.
- Published
- 2008