Piracy incidents reach a 22-year low, says IMB report

The ICS has produced new guidance on avoiding pirate attacks in the Gulf of Guinea

While the threat from Somali pirates has greatly receded, West Africa remains a hotspot for pirate attacks on international shipping

West Africa continues to experience more pirate attacks than anywhere else in the world

Naval surveilance has led the pirates to switch their focus and resources are badly stretched

Recent research by the International Maritime Bureau’s Piracy Reporting Centre (IMB PRC) has highlighted the growing problem of piracy off the coast of Nigeria

The shipping industry is in the middle of the biggest global recession seen in the past 60 years. Shipowners and charterers went from boom to bust in an incredibly short time; commodity prices and ship values plunged ever downward over a few months; ocean carryings dropped dramatically as trade slowed to a trickle on many routes; and with little demand for Chinese and American exports, port and terminal operators saw a huge decline in activity and revenue.