As per this recent blog post over on the Supply Chain Management Review on how escalation in piracy places supply chain under pressure, ocean piracy has it an all time-high with 142 attacks worldwide in the first three months of of 2011. Yikes!
The International Maritime Bureau ( IMB ) has been tracking piracy worldwide since 1991 and the number of attacks in the first three months of this year are higher than any number ever recorded. To be precise, there were 142 attacks that resulted in 45 vessels being fired upon, 45 boardings, 18 hijackings, 344 hostages, and 6 kidnappings.
If the trend continues, energy AND insurance prices are going to go through the roof, or, in this case, the stern.