Somali pirates return to add to global shipping crisis

As international shipping remains endangered amid ongoing hostilities in the Red Sea area by the Houthis and the U.S.-led coalition, piracy off the Somalia coast adds up to the pressure.

Over 20 attempted hijackings have taken place since November, driving up prices for armed security guards and insurance coverage and raising the spectre of possible ransom payments, according to five industry representatives who spoke with Reuters.

Two Somali gang members reportedly told Reuters they were taking advantage of the distraction provided by Houthi strikes several hundred nautical miles to the north to get back into piracy after lying dormant for nearly a decade.

"They took this chance because the international naval forces that operate off the coast of Somalia reduced their operations," the report quoted pirate financier who allegedly helped fund the hijacking of another bulk carrier back in December.

The threat appears to be not as serious as it was in 2008-2014. However, the regional officials and industry sources are concerned the problem could escalate.

"If we do not stop it while it's still in its infancy, it can become the same as it was," Somali President Hassan Sheikh Mohamud told Reuters in February.

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