Red Sea-Somali piracy shakes shipping industry, international trade

Shippers face 25% higher cost due to rerouting

Increasing attacks on merchant vessels travelling through the Red Sea and an unexpected resurgence of Somali piracy in international waters has shaken the shipping industry, with rising costs becoming a concern for merchant shipping lines, and seafarer safety for governments across the world.

On January 4, Somali pirates hijacked the vessel Lila Norfolk, which carried the Liberian flag and had 15 Indians and six Filipinos on board.
 

While the seafarers were rescued due to the intervention of the Indian Navy, India’s shipping regulator and maritime defence stakeholders do not see the piracy situation changing anytime soon.
 

Meanwhile, the use of projectile