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12° Nicosia,
13 June, 2024
 
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Maritime industry adapts to rising security challenges

Surge in security demand affects global shipping

Newsroom

In response to growing instability in various global regions, the maritime industry is witnessing a surge in demand for specialized security services.

According to an article by Kathimerini reporter Andreas Karamitas, threats ranging from Houthi attacks to piracy off Somalia have raised concerns among shipowners, particularly in the wake of the recent seizure of the container ship MSC Aries in the Strait of Hormuz.

Jakob Larsen of Bimco underscores the industry's apprehension about potential large-scale conflicts in the Middle East, driving the need for armed guards on merchant vessels, especially in the Red Sea and Gulf of Aden.

EOS Risk and Sedna Global, prominent maritime security firms, report increased demand for their services. EOS Risk's David Johnson notes a significant uptick in business due to the "explosion of insecurity," contrasting with the industry's previous downturn following Somali pirate attacks.

In response to evolving threats, maritime security companies are adopting integrated strategies, emphasizing tailored consultancy services and advanced technology to monitor and mitigate risks.

The heightened demand for security services is reshaping the shipping market, leading to increased prices and route modifications to avoid dangerous areas, which in turn affects delivery times and transport costs.

Insurance companies are reassessing premiums and coverage terms, while stricter security protocols at ports are causing delays along routes.

As geopolitical tensions persist, industry experts stress the importance of cooperation among governments, shipping companies, and security providers to address growing risks and ensure the smooth functioning of the global supply chain.

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