Piracy in Somalia

Piracy off Somali coast has been a threat to global shipping since the beginning of the 21st century.Piracy has increased shipping cost and has hampered the delivery of shipments. This is now costing 10 billion pounds a year globally. However the insurance companies have benefited from piracy attacks as insurance premiums have risen steeply.
Many sources believe that piracy is, in part, caused  by illegal fishing. Also foreign vessels dumping waste in Somali waters has significantly impacted the Somali fisherman to make a decent living so they are turning to piracy as a way of making money. The pirates themselves believe that they are protecting territorial waters and their fishing grounds whilst also exacting justice and gaining compensation for resources taken. Other sources suggest that as a result of civil war and the absence of a coastguard service and armed forces the fisherman formed organised groups to protect their waters. However due to the money involved and the increase in pirate attacks it is suggested that they have been motivated more by financial gain rather than protection.
To deal with the attacks the coalition took on the role and established a combined task force along with a Maritime Security Patrol Area (MSPA) in the Gulf of Aden. India also had a concern as most of its shipping trade routes pass through the Gulf of Aden. They also joined international efforts battling piracy along with Russia
Due to the efforts of the international community piracy attacks in the Gulf of Aden have dropped dramatically and have forced the pirates to move on to the Somali basin and the Indian Ocean. Although the pirates are still attacking ships off Somalia's coast they are not being as successful. The pirates are still at present holding several ships along with their crew members.