Massive spike in South East Asia piracy

An increase in piracy in South East Asia is listed by Business Monitor International (BMI) as one of ten “hidden risks to the global economy” in a report released early this month. According to the annual report of the Singaporebased Regional Cooperation Agreement on Combating Piracy and Armed Robbery (PAR) against Ships in Asia (ReCAAP), 183 actual or attempted attacks took place in Southeast Asian waters during 2014. This figure is a significant increase from 150 in 2013 and 133 in 2012, and is the highest since 2006. “Even though PAR is by no means a new phenomenon in the region – Southeast Asia has been known as a piracy hotspot for centuries – the sheer increase in the volume of attacks will perhaps nudge countries in the most affected areas to action,” says the report. “The shipping industry is likely to exert additional pressure on regional governments, as a sustained increase in attacks will put ships and crew at greater risk and is certain to drive up the cost of insurance premiums,” it adds. Over one third of all shipping traverses the Strait of Malacca each year, with an estimated 15.2 million barrels of crude oil transported through this “strategic chokepoint” every day. According to ReCAAP vessels are being boarded while at anchor by small groups of men armed with knives and machetes. They normally take ships' stores and property from personnel and the vessel.