Its EU Committee for External Affairs has also shifted its attitude on the use of armed guards on board merchant ships after they proved effective in fighting off attacks.
In a statement the Lords says Operation Atalanta has "turned the tide" on Somali gangs, noting only eight ships were held in June 2012 – down from 23 a year ago.
Explaining the effort should be extended beyond 2012 to show the EU will not walk away from the problem, the report explained: “Otherwise organisations and individuals that organise piracy will simply wait out the operation before returning to their previous activities.”
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