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The NASDAQ news service has reported that Spain has officially allowed its vessels to employ private security guards to protect the ships crew and cargo while sailing the pirate-ladden waters off the coast of Somalia. Spain’s ministry of the interior granted permission for this measure after numerous news reports about the escalating problem of cargo [...]
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Back in our January/February issue, I covered the topic of piracy in “The High Seas of Risk.” Since then, the problem has only gotten worse. The brazen pirates have grown in size and have become increasingly fearless towards any sort of attempts to stop them. As expected, the price of piracy insurance has skyrocketed. Just yesterday, The Wall [...]
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