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Piracy Jacks Up Insurance, Fuel Costs

Entering high-risk areas or navigating around South Africa both add millions

By Drew Nelles, Newser Staff

Posted Apr 13, 2009 12:42 AM CDT

(Newser) – Piracy in the Gulf of Aden is driving up shipping costs as companies are forced to choose between paying higher insurance or taking longer routes, the AP reports. Premiums have reportedly risen at least tenfold for travel near the Somali coast, and avoiding the Gulf... Read full story »

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Piracy Jacks Up Insurance, Fuel Costs

Entering high-risk areas or navigating around South Africa both add millions

Somalia • Africa • piracy • insurance • shipping • pirates • fuel costs • Gulf of Aden

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More Newser Stories

Somali Pirates Seize 3 More Ships

High-profile hostage rescues fail to prevent fresh hijackings

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Seizure of ship by Somali pirates started 56 days of negotiations

Somali Pirates Hijack Another Tanker, Crew of 13

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Saudi Tanker Owners in Talks With Pirates

Saudi foreign minister pledges to eradicate Somali maritime threat

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Religious sheikhs preach against sea bandits and their un-Islamic ways

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