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Pirate Reprisals Might Be Indirect

After the rescue of Maersk Alabama captain Richard Phillips, some Somali pirates issued a predictable amount of bluster about reprisals. (Every country will be

Jul 31, 2020
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After the rescue of Maersk Alabama captain Richard Phillips, some Somali pirates issued a predictable amount of bluster about reprisals. (“Every country will be treated the way it treats us,” said Abdullahi Lami, a pirate in the safe-haven Somali den of Gaan, according to The Associated Press.) Defense Secretary Bob Gates noted that the pirates who captured Phillips were “untrained teenagers.” But that’s not to say that there won’t be responses from the pirates — or indirect and second-order effects, even if there isn’t a predictable surge in pirate operations.
The Wall Street Journal takes a lookat what the maritime shipping industry is bracing for:
The military intervention could also have economic repercussions for the industry, officials said. Insurance rates, already higher because of piracy attacks, might go up further to take into account the possibility of lethal firefights between pirates and navies.
And more companies could bypass the Gulf of Aden altogether, instead taking the long way around the Cape of Good Hope, adding to journey time and costs.
I’ll have more on this a bit later, but check out Noah Shachtman’s rundown of the options against the pirates. It’s nice and depressing!
Camilo Wood

Camilo Wood

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Camilo Wood has over two decades of experience as a writer and journalist, specializing in finance and economics. With a degree in Economics and a background in financial research and analysis, Camilo brings a wealth of knowledge and expertise to his writing. Throughout his career, Camilo has contributed to numerous publications, covering a wide range of topics such as global economic trends, investment strategies, and market analysis. His articles are recognized for their insightful analysis and clear explanations, making complex financial concepts accessible to readers. Camilo's experience includes working in roles related to financial reporting, analysis, and commentary, allowing him to provide readers with accurate and trustworthy information. His dedication to journalistic integrity and commitment to delivering high-quality content make him a trusted voice in the fields of finance and journalism.
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