Shipping biz hit by piracy risks

Shipping companies have been facing tough times so far with credit issues, falling freight rates and now pirates. This highly increased piracy risk in one of the world's most popular routes for trade could now mean further changes in marine insurance premiums.Piracy has indeed added to the shippers’ woes. Besides, the rising insurance premiums coupled with tighter credit markets, a slowing cargo movement and the pinch of falling freight rates, is causing trade-disruptions worldwide.