Suspected Pirates Board Oil Tanker in Indian Ocean East of Somalia

An oil tanker, the Hellas Aphrodite, was boarded by suspected pirates in the Indian Ocean, about 700 miles east of Somalia's capital, Mogadishu. The vessel was managed by Latsco Marine Management Inc. and was carrying gasoline from India to South Africa. The company confirmed the security incident and activated its emergency response team, working with authorities to ensure the crew's safety. This incident is the most significant in a recent string of attempted attacks on ships in the area. Maritime intelligence firms like Ambrey Intelligence and Vanguard Tech have reported these escalating threats. Notably, security providers indicated that the Hellas Aphrodite did not have armed guards on board at the time of the attack, a key measure previously used to deter pirates. Piracy off the Somali coast was a major issue in the shipping industry from 2008, peaking around 2011. While naval presence, armed guards, and improved ship practices had largely curbed attacks, these recent events suggest a resurgence in piracy in the region. Naval forces confirmed at least one recent incident was piracy-related, following the hijacking of an Iranian-flagged dhow a week prior. Impact: This event increases the risk profile for shipping in the Indian Ocean, potentially leading to higher insurance premiums and increased shipping costs for cargo transiting the region. This could affect the price of imported goods, including oil and refined products, for countries like India, and disrupt supply chains. The overall impact on the stock market could be moderate, affecting energy and transportation stocks, with a rating of 6/10. Difficult terms: Piracy: The act of attacking and robbing ships at sea. Oil tanker: A large ship designed to transport oil or refined petroleum products. Mothership: A larger vessel used as a base for smaller boats or aircraft, often used by pirates to extend their operational range. Dhow: A traditional sailing vessel with one or more masts, typically used in the Red Sea and Indian Ocean.