Abstract
Piracy impact on the maritime industry and systematic analysis of the efficiency of merchant vessel’s protection are presented in this paper. By analyzing the latest statistics, the authors point out the decreasing trend of piracy attacks on vessels. Furthermore, modalities of protection from piracy according to the Best Management Practice are suggested in this paper. The emphasis is on the military and other forces, especially on the interdependence between the use of Privately Contracted Armed Security Personnel and piracy attack reduction. Since an effective action against pirates also implies the adoption of an appropriate legal framework, efforts and contributions of the International Maritime Organization are also described in this paper. The position of insurer and insurance instruments in case of pirate attacks, armed robbery and hijacking of ships with crew are also discussed. In the conclusion, the authors indicate possible future actions and the necessity for continuous coverage of all stake holders concerned.
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