The Economic Impact of piracy on Ship Financiers

It is an unfortunate, but inevitable fact that piracy has always been an inherent risk in shipping and over the last couple of years an increasingly commonplace event in certain waterways, such as the Gulf of Aden. This escalation has resulted in a number of recent developments in terms of the control that owners and charterers of vessels have regarding the location to which vessels may be ordered to go, and the implications on charterhire payable – these developments have an inevitable impact on mortgagees. This article seeks to examine this impact, on the assumption there are no issues with the legality (or otherwise) of making ransom payments.

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