By GEORGE OMONDIMore by this AuthorCases of piracy in Indian Ocean off Somalia coast increased in 2017, raising fears that sustained attacks could raise insurance and freight costs for Kenya importers. Nine piracy attacks were recorded off Somalia in 2017, up from two in 2016, a new report shows, as global attacks dropped to a 22-year low. For country that imports more than Sh1.3 trillion worth of consumer and industrial goods, the increased cost is eventually passed to the consumer through higher retail prices. That year, Ocean’s Beyond Piracy estimated the global cost of piracy was about $7 billion. But attacks fell sharply after ship owners tightened security and avoided the Somali coast.

Source: Daily Nation January 21, 2018 18:56 UTC