Maritime risk consultants Haymarket said the introduction of armed guards would save the British shipping and insurance industries millions of pounds.

BBC: Somali piracy: Armed guards to protect UK ships

Welcoming the revisions by the International Maritime Organization (IMO) of its recommendations and guidance on preventing and suppressing piracy and armed robbery, the Council further urged States, in collaboration with the IMO and the shipping and insurance industries, to continue to develop and implement avoidance, evasion, and defensive best practices and advisories to take when under attack or when sailing in the waters off the Somali coast.

UN: Security Council

Sanctions would disrupt a major portion of the U.S.-Chinese shipping market controlled by Cosco, whose business lines include port terminals and warehousing, insurance, real estate and hotel management.

CENTERFORSECURITYPOLICY: Center For Security Policy

Juliet Marine Systems is discussing with the shipping industry the use of GHOST boats to provide private security patrols for their ships and insurance customers.

FORBES: GHOST Boats Will Prey on Pirates

Rampant piracy off Somalia has made the country's waters the world's most dangerous shipping lane, has secured Somali bandits tens of millions of dollars in ransoms and pushed up insurance premiums for ships.

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