Often considered a thing of the distant past — and one of the drivers of the early insurance industry — piracy is back. And for businesses involved in shipping goods, it’s making waves.

According to a paper by Towergate Insurance, Troubled Waters: The Global Cost of Piracy, there are several types of pirates operating in vital shipping lanes: the mafia, the kidnappers and the thieves. 

“Mafia pirates in Asia and West Africa hijack huge oil tankers, offload the crude oil for sale on the black market, and then release ship and crew unharmed,” the paper says. 

“Somali kidnappers violently take crews and ships hostage, then demand ransoms for their release. Maritime thieves throughout the world quickly board vessels, mug the crew, and collect whatever valuables they can before making quick getaways.” 

Since late last year, a new addition to this list is Yemen’s Houthi militia, operating in the Red Sea. They have been attacking merchant ships in the only trade corridor that allows vessels travelling to and from Europe to avoid the much longer, costlier and more exposed — in terms of weather — voyage around the African continent. 

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