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Despite Incidents, Piracy off Somali Coast Remains Unprofitable 

Two attacks have led the Somali government to call for greater international support to deter a resurgence of piracy in the Horn of Africa. Similar fears that Somali piracy was on the rebound surfaced after five previous attacks in 2017, 2018, 2019 and 2020. Somali piracy was a major threat to the region and the world economy at its height in 2011. That year alone, Somali pirates carried out 212 attacks. The World Bank estimated that these cost the world economy US$18 billion. After concerted effort from key actors the overall conclusion is that piracy off the Somali coast remains a high-risk undertaking with a low probability of success. This suggests that a major increase in Somali piracy is highly unlikely. If it did happen, though, it would be easy for international naval forces and the shipping industry to reduce the prospects of success by stepping up naval patrols and reintroducing armed guards.

SOURCE: THE CONVERSATION