by Charles Kennedy, Oil Price:
Pirate activity in the South China Sea around Singapore seems to be on the up in recent years, and two tankers have been taken in the last month from the Malacca Strait, through which a quarter of all sea borne oil is transported. Shipping operators fear that insurance premiums for ships working in the area will shoot up as a result.
On the 10th of October a tanker full of gasoil was hijacked near to Pulau Aur, Malaysia, and not released until all cargo had been transferred across to a waiting tanker. Then more recently, on the 7th of November, pirates took another tanker in the same region carrying marine gasoil, and didn’t let the crew or the ship go until its cargo had been stolen. Over the last two years three other tankers have suffered similar attacks.
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