Piracy is “growing faster than China’s iron ore imports” fed by average costs incurred in a single hijacking now hitting $10m, according to shipping analyst Martin Stopford.
With differences of opinion over how to secure ships and crews against seizure, the Clarksons Research chief questioned “who’s got the bottle” to stop what amounts to Somalia’s biggest money-spinner.
Stopford penned his musings on the increasing threat of piracy to shipping in the wake of a petition against the scourge being handed into the International Maritime Organisation (IMO) last week.
“It’s
