Shipping companies are spending more money

Danish shipping companies have seen their costs for fighting piracy at sea explode as more and more ships are exposed to pirate attacks, Logistics Finland reported. Shipping companies are spending more money on increased security, insurance, training of staff, delays and lost earnings as a result of the piracy. The Danish Shipowners' Association estimates that these costs amount to several billion krone. According to the Association, every tenth ship passing through one of the most risky areas the Gulf of Aden off the Somali coast is Danish or operates under a Danish shipping company.
According to the International Maritime Organisation IMO, a total of 306 pirate attacks were reported in 2008 compared to 282 in 2007, which is an increase of 8.5%.

Source: Transport Weekly