Pirates’ success rate will drop?
Some shipping people privately say that the effects of piracy have been exaggerated. It may still be cheaper and more convenient to pay higher insurance fees and risk being attacked by pirates than to incur the extra cost of diverting vessels around the Cape of Good Hope.
Last year 22,000 ships passed safely through waters in range of Somali pirates, whereas actual attacks were in the low hundreds. The bureau also reckons that, as ships take more precautions, the pirates’ success rate will drop.