"AARE O EYL"- The Economics of SOMALI ship piracy.
"Ship Piracy" in Somalia could cost Lloyd's Insurers $'s 50 million in the year 2008, besides, the cost of ship Insurance for V/Ls passing through the Gulf Of Aden have soared 10 fold over 2007! Scenario is worse than the Iran-Iraq war premiums of 1980's, something unimaginable as the "GULF OF ADEN" route is the commonest passage in International shipping corridors, beginning with gigantic "Oil tankers,Containers and Bulk Carriers" to puny fishing trawlers. Most affected are Indian and Filipino sailors as they comprise the bulk of shipping crew taken hostages in an "INTERNATIONAL GAME" with the Owners, Charterers and Manning Agents being mere "Non-Resident hostages".
Monetarily "Somali Shipping Piracy" affects manny Country's hence its strange that most "Naval superpowers" including India are treating "Shipping Piracy" as a "Child's Game" compared to War, "A Man's Game"! Being a seasoned sea-farer myself i understand the plight of "Hijacked officers and Crew", especially if the "Hijack drama" drags on for weeks or worst months, could be worse than "RIGOROUS IMPRISONMENT".
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Hi Folks, I am Rudolph.A.Furtado, a sea-dog of 25years of sailing the seven seas, beginning in 1983 as a "Panchoo 5/E/O" and landing ashore as a "C/E/O" in 2008". Is this the first "Merchant Navy Site

