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Maritime piracy cost seen at $12bn a year

Dubai, April 9, 2011

The financial impact of maritime piracy on global trade is as high as $12 billion a year, said an expert.

Maritime piracy is an “urgent global priority” that has no quick-fix answers but demands cross-border co-operation between governments and industry, added Sir John Parker, joint vice chairman, DP World.

He was addressing the recently held Seatrade Awards 2011 ceremony at London’s Guildhall, where a new DP World-sponsored award for countering piracy was initiated.

Sir John also highlighted the devastating human impact of piracy, with around 800 mariners currently held in captivity, many for months.

The ceremony, attended by over 350 of the maritime industry’s leading players, saw the Seatrade Special Award for Countering Piracy go to UN Secretary General Ban Ki-Moon.

The new award recognises an individual or organisation that has made a significant contribution to the fight against piracy. It also supports the theme of the International Maritime Organisation’s World Maritime Day 2011, “Piracy: Orchestrating the Response”.

Sir John took the opportunity to showcase the forthcoming Counter-Piracy Conference convened by the UAE Ministry of Foreign Affairs and DP World on April 18 and 19 in Dubai.

The event will address some of the key issues such as international law, the root causes of piracy, analysis and information sharing, and opportunities for expanding civilian-military cooperation, under the theme “Global challenge, regional responses: Forging a common approach to maritime piracy”.

“We are proud that we at DP World, together with the UAE government, are amongst those who are seeking solutions that cross borders and the public/private divide,” Sir John said.

“We know that there are no ‘quick fixes’ to maritime piracy, but we believe that with close co-operation between governments and industry a way forward can be established, and concrete steps taken to combat piracy in key areas,” he added. – TradeArabia News Service

Tags: DP World | Dubai | London | Seatrade Awards | Maritime piracy |

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