Somali Pirates Wish They Had Not Hijacked Russian Oil Tanker

The Marshal Shaposhnikov, a Russian warship, is rushing to the aid of a tanker bound for China which has been hijacked by Somali Pirates. The Moscow University was attacked 560 miles (900km) off the Somali coast. The twenty three Russian crew are reported to have locked themselves in the ships radar room.

The oil tanker is a big prize for the pirates, who are likely to release the crew and cargo once a large ransom, most likely a multi million dollar one, has been paid.

Whilst international war ships on patrol in the Indian Ocean and the Gulf of Aden have helped to prevent some attacks, it’s widely felt that action on land, not sea, is the best way to end the piracy that abounds in these waters. Over the weekend, islamic insurgents took control of one of the main pirate bases. The pirates had already fled and have moved towards other bases along the coast, from which they continue their activities.

Various groups of pirates are currently holding more than 350 hostages and approximately 20 ships in various bases around the Somalian coastline.

Could this be one possible cause for higher fuel prices?