Anti-pirate security hit by rate plunge

Collapse of PMSC sparks further industry concerns.

Anti-pirate security hit by rate plunge

Jem Newton

A fall in private security rates could raise risks for commercial shipping in the Gulf of Aden, a security analyst has warned following the collapse of Gulf of Aden Group Transits (GoAGT).

The analyst, who declined to be identified, confirmed that the UK-based security company had closed and said other firms are poised to follow.

An article in the UK’s Independent newspaper on Tuesday alleged that GoAGT went under owing millions in unpaid salaries. “This is the first of several security companies in the region that are likely to fold,” the analyst told IHS Maritime.

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