High Shipping Costs Are Here to Stay, Says Bloomberg
By Henry Ren (Bloomberg) Stubbornly high shipping expenses for businesses are getting sealed into contracts for the next 12 months, forcing companies to pass the extra costs on to consumers....
There were 219 attacks off Somalia in 2010, 49 vessels were hijacked and 1,016 crew members taken hostage, according to IMB data.
“Despite measures taken by the United Nations Security Council and the presence of naval units in the area of the Gulf of Aden, pirates continue to strike,” IMB said.
IMB urged governments to realize the impact piracy has on global trade and shipping as well as the increasing threat posed to the security of energy supply lines for major industrial nations.
IMB said governments must improve the rules of engagement given to the navies in the area, and refocus the efforts of the U.N.
-By Neena Rai, Dow Jones Newswires
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