Description: Somali pirates have seized an oil vessel called the honor 25, which has been overrun late last week. The pirates allegedly attacked the ship with speed boats from Puntland, one of Somalia’s semi – autonomous regions. Another ship was later also reported seized by pirates which prompted the UK Maritime Trade Operations to raise the regional maritime threat level to substantial. Piracy has significantly declined in Somalia compared to the period between 2005 and 2012 where similar seizures of vessels netted Somali pirates between $339 millions and $413 millions in profits.
Impact: The resurgence in piracy operations in Somalia could likely disrupt key Red Sea shipping lanes in times of global energy crisis. The seizures of vessels by pirates also degrade Somalia’s investment potential and threaten investments such as the recently concluded partnership for offshore drilling with Turkey. The country’s security situation is likely to continue to degrade with the renewed emergence of piracy since the Mogadishu – led government is facing mounting pressure from its semi – autonomous regions, continued terrorist threats from Al Shabab and the renewed emergence of pirates off the Somalian coast.