Piracy attacks off the coast of Somalia have now plummeted to the lowest levels since 2006 as a result of increased patrolling by navies from the US, Europe and Asia as well as the employment of armed guards onboard ships, organisers of Seatrade Middle East Work Boats and Offshore Marine 2013 said.
Seatrade is the region's leading event for workboat operators, builders and the offshore marine market.
In the Gulf of Aden and Somalia, eight piracy incidents, including two hijackings, were recorded by the International Marine Bureau's (IMB) global piracy report in the first half of 2013.
In 2012, 49 attacks were recorded including seven hijackings during the whole year and in 2011, the corresponding numbers were even higher, 75 incidents including 14 hijackings.
It is estimated that the annual cost to the shipping industry is between USD 6.6 and USD 6.9 billion, according to Oceans Beyond Trade.