Pirates of the Malacca Strait: Lloyd’s Curse
One of the low-level globalization stories that occasionally bubbles to the surface is the apparent difficulty of combating piracy in the sea lanes. Which makes this Financial Times story by John Burton so interesting: One of the world?s busiest and most hazardous shipping routes was yesterday declared to be winning its fight against piracy when ...
One of the low-level globalization stories that occasionally bubbles to the surface is the apparent difficulty of combating piracy in the sea lanes. Which makes this Financial Times story by John Burton so interesting: One of the world?s busiest and most hazardous shipping routes was yesterday declared to be winning its fight against piracy when Lloyd?s, the shipping insurer, dropped its war risk designation for the Malacca Strait. Lloyd?s surprise decision, which will cut insurance costs for shipping lines using one of the world?s busiest sea lanes, came a year after the insurer incensed the shipping industry and regional governments by imposing the rating. The Malacca Strait came to be regarded as among the world?s most dangerous sea lanes after a surge in piracy attacks after 1998, as the Indonesian economy deteriorated and Aceh rebels stepped up their military campaign. However, the International Maritime Bureau, which tracks global piracy, said recently that attacks in the area had fallen to their lowest level since 1999. Lloyd?s said there had been a ?significant improvement? in security along the 900km strait as Singapore and Malaysia increased naval and air patrols.
One of the low-level globalization stories that occasionally bubbles to the surface is the apparent difficulty of combating piracy in the sea lanes. Which makes this Financial Times story by John Burton so interesting:
One of the world?s busiest and most hazardous shipping routes was yesterday declared to be winning its fight against piracy when Lloyd?s, the shipping insurer, dropped its war risk designation for the Malacca Strait. Lloyd?s surprise decision, which will cut insurance costs for shipping lines using one of the world?s busiest sea lanes, came a year after the insurer incensed the shipping industry and regional governments by imposing the rating. The Malacca Strait came to be regarded as among the world?s most dangerous sea lanes after a surge in piracy attacks after 1998, as the Indonesian economy deteriorated and Aceh rebels stepped up their military campaign. However, the International Maritime Bureau, which tracks global piracy, said recently that attacks in the area had fallen to their lowest level since 1999. Lloyd?s said there had been a ?significant improvement? in security along the 900km strait as Singapore and Malaysia increased naval and air patrols.
Daniel W. Drezner is a professor of international politics at the Fletcher School of Law and Diplomacy at Tufts University and co-host of the Space the Nation podcast. Twitter: @dandrezner
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