Piracy off the coast of Nigeria is estimated to cost over $7bn annually, with the bulk of costs affecting the oil industry. And over in Singapore, pirate groups can earn up to $1m for a successful tanker hijack.
But the data suggests that plummeting oil prices are driving a tactical shift by pirates, replacing oil theft with kidnap for ransom in Nigeria, and exposing anchored tankers in Singapore to greater hijack risks.
Piracy thrives in the Gulf of Guinea due to a lack of robust law enforcement, access to illegal markets and a target rich environment.
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