Counting the cost

Increase in attacks sees costs for shipping rise.

Piracy sustains high shipping costs on Nigerian waters

By Sulaimon Salau

Incessant pirate attacks and kidnappings are taking an alarming toll on shipping in Nigeria’s territorial waters and the Gulf of Guinea.This year alone, freight costs have reportedly risen six times, amid fears insurance could also be hit.

Statistics from the International Maritime Organisation (IMO) show: “In the first four months of 2018, the number of incidents significantly increased in the region, with 36 reported, against 17 the same period in 2017.”

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