The shrinking world of armed piracy protection.
Unsafe on high seas
CHENNAI : Private maritime security services was touted as a $7 bn business globally three years ago but it is fast shrinking, generating just one-fourth of that revenue now owing to a substantial drop in instances of piracy in the Gulf of Aden.
When Somalian piracy was at its peak in 2010, it cost merchant vessels $40,000-80,000 to engage four privately contracted maritime security personnel on board for a seven-day voyage between Sri Lanka and Suez Canal. “Today , we provide the same number of armed guards at $12,000-15,000 per trip,” said director of an Indian maritime security agency , registered in Singapore, but headquartered in Mumbai.
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