report (Managing Supply Chain Risk: Understanding Piracy Threat) released from the 4th ‘Gulf Petrochemicals & Chemicals Association Supply Chain Conference.’
this year marks a turning point in piracy activities. the number of vessels captured in 2011 compared to 2010 reduced by over 50 per cent and further reductions are expected in the coming years.
however, as the success rate for capturing ships decreases, ransom requests are getting higher and Somali pirates are becoming more aggressive and strategic, said the report… pirates are acting further off the coast of Somalia, and are now in the Gulf of Oman, positioning themselves closer to traffic lanes in search of vessels of opportunity.
piracy is symptomatic of the socio-economic predicament of the Somali nation and eradicating it depends on the economic future of Eastern Africa. ultimately, the long-term solution must include rebuilding the country and providing alternative economic opportunities to “would-be” pirates addressing the root causes of piracy: the impoverished circumstances of many of the actors.
even in the “best-case” scenario, when all measures are successfully implemented, and root-causes are fixed, the real piracy threat is expected to remain for at least the next 10 years.