Shipping companies report only a fraction of the actual cases of piracy
Shipping companies report only a fraction of the actual cases of piracy for fear of their ships being impounded for long periods or because they simply do not want to pay the resultant higher insurance premium.
The International Maritime Bureau (IMB) puts losses from piracy in 2008 alone at some 13 billion
Marine piracy continues to be a serious risk for shipping companies, sailors, cargo owners, and insurers. According to the International Maritime Bureau (IMB) in London, pirate attacks are an almost daily feature.
Source:shiptalk
