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The Contact Group on Piracy off the Coast of Somalia, commonly abbreviated as CGPCS, is an ad-hoc formed international governance mechanism (International Contact Group) established in New York on January 14, 2009, to facilitate the discussion and coordination of actions among states and organizations to suppress Somali piracy.
Piracy resurged in the region during the early 2020s, [107] [108] with incidents of piracy and hijacking in the Somali basin continuing to increase. [ 109 ] The March 2024 hijacking of the Ruen by Somali pirates was their first successful attack on commercial shipping tankers since 2017.
Over the last decade, the Somali fishing industry has become the focus of these development-focused solutions, particularly given its relationship to the piracy industry. Before 1989, Somali fisheries were growing into a thriving and reliable industry, bringing in about US$15 million in exports of fishing products.
A fishing community’s anger gave birth to Somali piracy. Going back to the 1990s, the agony of the local fishing community over unregulated commercial trawling was a catalyst for the rise of piracy.
Once-rampant piracy off the Somali coast diminished after a peak in 2011. That year, there were 237 reported attacks in waters off Somalia. Somali piracy in the region at the time cost the world's ...
The recent capture and subsequent freeing of Capt. Richard Phillips has, once again, drawn world attention to Somalia. The beleaguered African nation, which has an ineffective central government ...
[2] [3] Piracy impeded the delivery of shipments and increased shipping expenses, costing an estimated $6.6-$6.9 billion a year in global trade according to Oceans Beyond Piracy (OBP). [4] According to the German Institute for Economic Research (DIW), a veritable industry of profiteers also arose around the piracy.
Somali pirates caused havoc in the waters off the east African country's long coastline between 2008 and 2018. They had been dormant until late last year when pirate activity started to pick up again.