Shipping firms are finally joining together in efforts to combat the problem of piracy in the Indian Ocean. Leading the charge is Japenese shipping giant Mitsui O.S.K. Lines Ltd (MOL), who recently announced plans to collaborate with the United Nations Development Program (UNDP) to help the Somali economy back onto its feet. Also joining the […]
Piracy Increasing Costs of Shipping; Solutions are not Simple
June 2012 A recent report released by AT Kearney and the Gulf Petrochemicals & Chemicals Association predicts that another piracy epidemic could cause shipping costs to skyrocket by 150%. Although there have been recent declines since the epidemic reached fever-pitch levels in 2009, piracy has not yet been eliminated. If the current situation stagnates or […]