Piracy in the Gulf of Guinea: Impacts to Maritime Transportation and Maritime Security

Abstract

Piracy attacks in the Gulf of Guinea have taken a worrying trend. Unlike the Somali pirates, the pirates in the Gulf of Guinea target the cargoes, especially the oil laden tankers for their cargo. This disruption is impacting negatively on shipping in this sea lane. There are consequences to be suffered due to these pirate attacks on shipping in this region. This study delves into piracy and Maritime Transportation and Maritime Security in the Gulf of Guinea. The aim of this study is to analyse the impacts of piracy on different economic indicators and measurements with shipping as the vector of maritime transport. The economic indicators such as the liner shipping index, gross domestic product growth rate, imports growth rate, exports as a percentage of gross domestic product, and oil production as oil rents as a percent of gross domestic product. An Input-Output analysis to determine the interdependencies between variables. A Fixed Effects Model is used to show the relationship between pirate attacks and the countries distance from the Gulf of Guinea. A Correlation Analysis is conducted in respect of the countries and years based on the research question. A Chi Square test is conducted to test the hypotheses.

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