Maritime piracy and its impacts on international trade

Abstract

Piracy is one of the burning issues that imposes additional costs on international trade and requires immediate actions from the international community for the solution. Pirate incidents such as boarding, hijacking, or firing upon the vessels of shipping companies, not only damage the crews, ships, or cargos but also cause route diversions, delays, and additional costs in international maritime trade. Therefore, both the direct and indirect cost of piracy to industry and its impact on international commerce cannot be ignored. Studies indicate that piracy imposes significant costs on the global economy. On the other hand, pirate activities result in not only economic but also humanitarian affairs. Therefore, regulations and international agreements should be made for the solution of legal issues related to piracy. Most importantly, the roots of the problem must be addressed and the factors that cause and facilitate piracy must be well comprehended.

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