• 55 mins India Exempts State Oil Firms Mergers From Competition Approval
  • 3 hours Turkey Targets $5B Investment In Wind Energy By End-2017
  • 5 hours Weatherford Looks To Sell Assets To Ease Some Of $8B Debt
  • 6 hours OPEC Set To Move Fast On Cut Extension Decision
  • 8 hours Nigeria Makes First Step Away From Oil
  • 20 hours Russia Approves Profit-Based Oil Tax For 2019
  • 24 hours French Strike Disrupts Exxon And Total’s Oil Product Shipments
  • 1 day Kurdistan’s Oil Exports Still Below Pre-Conflict Levels
  • 1 day Oil Production Cuts Taking A Toll On Russia’s Economy
  • 1 day Aramco In Talks With Chinese Petrochemical Producers
  • 1 day Federal Judge Grants Go-Ahead On Keystone XL Lawsuit
  • 1 day Maduro Names Chavez’ Cousin As Citgo Boss
  • 2 days Bidding Action Heats Up In UK’s Continental Shelf
  • 2 days Keystone Pipeline Restart Still Unknown
  • 2 days UK Offers North Sea Oil Producers Tax Relief To Boost Investment
  • 2 days Iraq Wants To Build Gas Pipeline To Kuwait In Blow To Shell
  • 2 days Trader Trafigura Raises Share Of Oil Purchases From State Firms
  • 2 days German Energy Group Uniper Rejects $9B Finnish Takeover Bid
  • 2 days Total Could Lose Big If It Pulls Out Of South Pars Deal
  • 2 days Dakota Watchdog Warns It Could Revoke Keystone XL Approval
  • 3 days Oil Prices Rise After API Reports Major Crude Draw
  • 3 days Citgo President And 5 VPs Arrested On Embezzlement Charges
  • 3 days Gazprom Speaks Out Against OPEC Production Cut Extension
  • 3 days Statoil Looks To Lighter Oil To Boost Profitability
  • 3 days Oil Billionaire Becomes Wind Energy’s Top Influencer
  • 3 days Transneft Warns Urals Oil Quality Reaching Critical Levels
  • 3 days Whitefish Energy Suspends Work In Puerto Rico
  • 3 days U.S. Authorities Arrest Two On Major Energy Corruption Scheme
  • 4 days Thanksgiving Gas Prices At 3-Year High
  • 4 days Iraq’s Giant Majnoon Oilfield Attracts Attention Of Supermajors
  • 4 days South Iraq Oil Exports Close To Record High To Offset Kirkuk Drop
  • 4 days Iraqi Forces Find Mass Graves In Oil Wells Near Kirkuk
  • 4 days Chevron Joint Venture Signs $1.7B Oil, Gas Deal In Nigeria
  • 4 days Iraq Steps In To Offset Falling Venezuela Oil Production
  • 4 days ConocoPhillips Sets Price Ceiling For New Projects
  • 7 days Shell Oil Trading Head Steps Down After 29 Years
  • 7 days Higher Oil Prices Reduce North American Oil Bankruptcies
  • 7 days Statoil To Boost Exploration Drilling Offshore Norway In 2018
  • 7 days $1.6 Billion Canadian-US Hydropower Project Approved
  • 7 days Venezuela Officially In Default
Shale Hedges Threaten The Oil Rally

Shale Hedges Threaten The Oil Rally

The recent increase in oil…

Can Australia Surpass Qatar As World’s Top LNG Supplier?

Can Australia Surpass Qatar As World’s Top LNG Supplier?

Australia, the second largest exporter…

Piracy Still A Major Issue In SE Asian Waters Despite Global Decline

Piracy Still A Major Issue In SE Asian Waters Despite Global Decline

Pirate attacks on the high seas have fallen for a third straight year everywhere but Southeast Asia, the main route for oil shipments from the Middle East to East Asia.

The third-quarter report on piracy issued Oct. 29 by the International Maritime Bureau (IMB) found that the number of pirate attacks in 2014 was 178, compared with 352 in 2011. Despite that decline, the report reveals that piracy worldwide is still a major problem: “In the first nine months of 2014, lightly armed pirates killed three crew, kidnapped five from their vessels and took 369 seafarers hostage,” the IMB said. “A total of 17 vessels were hijacked, 124 were boarded and 10 were fired upon. There were 27 further reports of attempted attacks.”

The IMB is an agency of the Paris-based International Chamber of Commerce, which helps set rules for cross-border trade.

Related: Oil Piracy Moves to Angolan Coast with $8M Heist

From July through September, five of the six vessels seized were in Southeast Asian waters -- the shortest sea route between the Middle East and China. The route includes the Malacca Strait, which connects the Indian Ocean with the South China Sea and the Pacific and which the U.S. Energy Information Administration describes as “the key choke point in Asia.”

IMB Director Pottengal Mukundan said he is encouraged by the overall drop in piracy. But he added, “[T]here’s been a worrying new rise in attacks against small coastal tankers in Southeast Asia. We advise small tankers in particular to remain vigilant in these waters.”

An unnamed captain of a Vietnamese tanker agreed, telling Bloomberg News that the waters of Southeast Asia have become more dangerous. His vessel, the Sunrise 689, was hijacked on Oct. 2 and held for six days. He said the pirates, who claimed to be Indonesians, had stolen part of his cargo of diesel fuel.

Related: Emerging Oil Venues Attracting Pirates

Indonesia has reported 72 incidents of piracy in period covered by the IMB report, including 67 armed robberies and five hijackings.

In the East African country of Somalia, along the Europe-Asia maritime trade route, naval patrols and armed guards aboard civilian vessels have helped prevent pirate attacks. As a result, attacks by Somali pirates dropped significantly in the first nine months of 2014.

Nevertheless, Somali pirates are still holding 40 people hostage and demanding ransom for their release, according to the report. “Some of those crew members have been held captive there for more than four years now, with fading hopes of immediate release,” Mukundan said.

By Andy Tully of Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News