Cost of piracy in shipping industry

Master Thesis
Author
Frantzis, Georgios
Φραντζής, Γεώργιος
Date
2023-11View/ Open
Abstract
The purpose of this paper is to examine the phenomenon of piracy against ships which has strongly re-emerged in maritime transport in recent years. Also, there is a historical review of piracy and then refer to the causes of the phenomenon, making a special case of Somali piracy. Because piracy is also an important insurance risk, there is a reference to the marine insurance industry and the way in which the risk of piracy is dealt with in insurance. Then we address the costs you incur from the occurrence and treatment of the phenomenon, as well as the best practices for managing it to reduce the risk of attacks. Furthermore, we refer suggestions for eliminating the phenomenon both by suppressing it and by preventing it. Finally, by studying historical data we create a ship piracy prediction model.