Maritime risks are on the rise

Maritime risks are on the rise even as Somali piracy recedes, according to Forbes - a leading source of business news and financial information.

“For most people,” they said, “shipping remains an invisible industry despite its critical role in today’s global economy.

“There was a brief spike in public interest a few years ago when Somali pirates provided a modern-day outlet for coverage about contemporary swashbuckling on the high seas.

“But pirate activity off the Horn of Africa has ebbed considerably, and with it most public concern.”

However, it’s no time to sit back and think the Seven Seas are now safe places to sail.

Last year, for example, there was a 26% jump in maritime piracy and armed robbery, according to statistics compiled by Control Risks, hitting its highest level since 2011.

It’s just where these main maritime risks are to be found that catches the eye.

Only 4% of global maritime crime was attributed to Somali pirates in 2014, while that other African piracy hotspot in recent years, the Nigerian groups in the Gulf of Guinea, actually dropped by 12%.

But, according to Forbes calculations, the Americas saw more maritime crime than Africa in 2014. This mostly comprised port and anchorage crimes involving theft or robbery.

However, they stressed that Western Hemisphere ports have other risks as well. South America, for example, saw labour unrest causing disruptions at ports in Chile and Costa Rica last year. And Forbes highlighted that inadequate infrastructure has turned many Latin American ports “into bottlenecks with lengthy waiting times”.

However, the traditional hive of piracy, the China Seas, still remains on top of the list, accounting for 30% of the global total.

Asia was the region with the most attacks on vessels in 2014, where criminal actions hit the highest levels in a decade – most of them in Indonesian and Bangladeshi territorial waters.

While this upward movement seems likely to persist in 2015, Forbes felt that a greater threat for the oil and gas sector is the potential for skirmishes in the East and South China Seas.

“The prospect of all-out war remains remote,” according to Forbes, “but geopolitical tensions and territorial disputes will nevertheless shape the maritime security environment in Asia for the foreseeable future.”