Piracy driven by oil theft: InsurerPosted On: Apr. 7, 2015 12:00 AM CST
U.K.-based Protection Group International Ltd. has warned that oil theft would continue to drive piracy in Southeast Asia, Ship & Bunker reports.
"A high demand for illicit oil will continue to drive fuel theft and the targeting of small, low freeboard tankers in the region," said PGI.
PGI pointed to five "serious" hijackings involving cargo theft in 2015 that happened in Indonesian and Malaysian waters.
"The hijackings show no sign of abating, particularly in the Malacca Strait and the eastern and western approaches to the Singapore Strait," said PGI.