Trading in piracy-risk areas: issues for commodities traders concerning the piracy threat

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Introduction

Pirate attacks on merchant vessels are still an increasing problem. The total annual cost to the shipping and trading industries is substantial. Traders have to respond to the reality of the piracy threat by taking appropriate steps to protect themselves and their cargoes, and some suggestions will be made below as to how to do so. Other Reed Smith Alerts have looked at the piracy issue from a shipping and chartering perspective.

Background

The numerous incidents of piracy during the past few years have caused headaches for the shipping industry, and also for global trade. Commodity traders doing business in piracy-risk areas, such as the Indian Ocean and the Gulf of Aden, see their cargoes arriving many months late at their intended destination or having deteriorated or even being at risk of loss as a result of the carrying vessel being captured by pirates. The costs of doing business in these areas are becoming exorbitant. The traders should be alerted to a long list of issues when trading in piracy-risk areas - a few examples below...

Please see full alert below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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