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The Cost Of Piracy: Somalia

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Trader’s remark: The problem of piracy is of grave concern in the Gulf of Guinea in West Africa and the regions around the West Indian Ocean. Apart from the human cost, piracy and armed robbery in the Gulf of Guinea cost governments and industries massive amounts, largely in security fees. Guys with guns are one measure the shipping community has used, but not the only one. International navies posted warships in the area. Cargo vessels increased their speeds, travelled in convoy, and installed onboard deterrents such as barbed wire and water cannons to stop the pirates.

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