The Indian navy may beef up its security presence significantly in the Gulf of Aden to counter the threat of rampant piracy to shipping companies.
Somali pirates have caused havoc in one of the world's busiest shipping lanes this year, hijacking dozens of ships including a Saudi Arabian supertanker loaded with $100 million worth of oil, the biggest hijacking in history. The Indian navy plans to "significantly augment" its presence off the Horn of Africa, and a proposal by the Ministry of Shipping to deploy up to four warships is under "active consideration". India deployed the Tabar, a naval warship, in October to escort Indian ships after the country's shipping firms said they were losing hundreds of thousands of dollars a month on cost overruns and delays in meeting deadlines. India also renewed its call for greater cooperation between foreign navies to tackle the piracy threat. Piracy off Somalia is forcing shipping companies to avoid the Suez Canal and send cargoes of oil and other goods on a longer and more expensive journey around southern Africa. Pirate attacks in Somali waters this year have driven up insurance costs for shipping firms and the decision to divert cargo risks pushing up prices for manufactured goods and commodities.
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