The surge in pirate attacks have prompted fast pace development of private security firms which had proven to be an efficient solution to fend off attacks and reduce risks for shipping companies setting sail for the Indian Ocean.
However, the things are not that simple as claimed by the Australian think tank Lowy Institute for International Policy, according to whom there are various risks to be looked at especially with regard to the manner in which such firms operate, gCaptain writes.
Namely, as claimed by the Lowy Institute in their report, the government bodies and international organizations have failed to provide regulatory oversight for over 140 recently launched private maritime security companies thus leaving open space for potential abuse of power.
“There is a legitimate and long-term role for private companies to provide security at sea. But their use requires more regulation and coordination than we have seen thus far,” the report reads.
World Maritime News Staff, September 13, 2012; Image: Lowy Institute