Executive Briefings

As Oil Interests Move Into West African Waters, So Do Growing Numbers of Pirates

While the frequency of pirate attacks off the Horn of Africa has fallen to its lowest level since 2009, this is no time to celebrate. Somali pirates still hold two vessels for ransom with 60 crew members as hostages. More alarming, however, is the increase in the capabilities of pirate groups in West Africa's Gulf of Guinea, now challenging Somalia as the world's most dangerous place to sail.

Nigeria accounted for 27 attacks last year, and Togo reported more attacks in 2012 than in the previous two years combined.

It's the dynamics of these attacks that is especially worrisome.

Strategically, the West Africa region of the Gulf of Guinea is the source of 15 percent of U.S. oil imports, which some analysts believe will increase to 25 percent over the next five years. The region has the fastest rate of discovery of new reserves in the world, and those reserves have become a magnet drawing oil majors from the U.S., Europe and Asia.

Read Full Article


Keywords: transportation management, international trade, supply chain risk management, ocean piracy, Somali piracy, West African ocean piracy

Nigeria accounted for 27 attacks last year, and Togo reported more attacks in 2012 than in the previous two years combined.

It's the dynamics of these attacks that is especially worrisome.

Strategically, the West Africa region of the Gulf of Guinea is the source of 15 percent of U.S. oil imports, which some analysts believe will increase to 25 percent over the next five years. The region has the fastest rate of discovery of new reserves in the world, and those reserves have become a magnet drawing oil majors from the U.S., Europe and Asia.

Read Full Article


Keywords: transportation management, international trade, supply chain risk management, ocean piracy, Somali piracy, West African ocean piracy