Maritime piracy – the challenge of providing long-term solutions
Purpose: The cost of global piracy has been estimated at $15-25 billion. During 2011, piracy reached an all-time high, but decreased in 2012. Although piracy remains an ongoing threat to world trade and raises commodity costs, piracy activity is being reduced; but the complete resolution of the issue is still challenging. Methodology: Based on a literature review of formal and informal published sources, this exploratory article attempts a diagnostic evaluation of the challenges facing shippers, shipowners, ships, crews – and governments, industry associations, and insurers – and their attempts at combating this worldwide scourge. Findings: Most attempted solutions currently in force are preventative measures on a ship-by-ship basis, and piecemeal efforts by specific shipping companies and insurers. There is widespread recognition that the piracy problem needs to be tackled at source through „following the money‟ – outlawing pirate warlords – and through united international initiatives, but in reality neither of these developments are taking place.Practical implications: The huge cost to the consumer continues, with an overall lack of appreciation of the need to make a cost-benefit analysis of the value of concerted international efforts to stem piracy. Originality: most articles in this field consider specific anti-piracy efforts in particular locations by certain organizations, without an overall analysis of how the piracy issue could be fundamentally tackled. There is a gap in the literature for an up-to-date, analytical study of maritime piracy worldwide, especially given the dramatic nature of the changes over the last 12-18 months.
|Date of creation:||Jun 2013|
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