Piracy comeback puts fresh pressure on marine war risk and K&R cover
A resurgence in Somali piracy has led to the hijacking of two ships with Indian crews, prompting concerns among marine insurers. Naval patrols in the region are currently overstretched due to the Houthi conflict in the Red Sea, leaving commercial vessels more vulnerable.
Why it matters
The return of piracy threatens global supply chains and increases insurance premiums for shipping companies operating in the Gulf of Aden.
Twenty-two Indian seafarers were caught up in two separate hijackings off Somalia and Yemen this week, the latest in a run of attacks that has pushed Somali piracy back onto underwriters' agendas after more than a decade of relative quiet.
The cargo ship Lutuf, sailing under a Cameroon flag, was boarded by eight armed men on August 17 about four nautical miles off Mareeyo on Somalia's Puntland coast, according to an advisory from the UK Maritime Trade Operations centre . The ship, owned by Polar Movement Shipping, had left Turkey carrying weapons, communications gear and satellite equipment bound for a military training facility in Mogadishu. Its ten-person crew included six Indian nationals, a Turkish crew member, a Georgian, and two Serbian security contractors.
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