CAIRO: Last week, the Egyptian ship Al Mansoura was freed after being seized for ransom in September by pirates. The ship was hijacked by 30 Somali pirates, who demanded a ransom as well as the cargo, the crew of the ship said. Al Mansoura was transporting cement and left behind 15,000 tons to the attackers. The company that owns the ship paid $600,000 to free the crew of 25 Egyptians. Apart from hijacking Egyptian ships off the Somali coast and risking sailors' lives, Egypt has to face a bigger threat. The Suez Canal could be in jeopardy of losing revenue due to the intensification of attacks along the coast of Somalia and the Gulf of Aden. The International Maritime Bureau s Piracy Reporting Centre in Kuala Lumpur says 73 ships have been attacked off the Somali coast since January, turning it into the most dangerous maritime route in the world. No more than 15 ships were hit by piracy last year. The Suez Canal is one of the pillars of Egyptian economy; it contributes around four percent of national income and 10 percent of foreign currency. The Canal is the gateway to the Arabian Sea and links Asia to Europe. Notably, the Suez Canal is often used by oil shipment vessels. It's argued that the increasing rate of piracy would lead ships to opt for the old, longer route via the Cape of Good Hope. The Suez Canal Authority s Chief Captain Ahmed Ali Fadel, however, remains optimistic, undermining the impact of piracy on maritime companies' decisions on which route to take. "The Somali piracy does not and will not effect navigation in the Suez Canal, Fadel told state-run Akhbar Al Youm. He justified his confidence by explaining that "most passing ships are the big ships that are committed to the safe navigation course and the pirates with their small boats can t board them . they are too weak. Reports indicate, however, that most Somali pirates are heavily armed and had already proven their capability to overtake big ships such as the Ukrainian vessel transporting arms, which was taken over by pirates last month. The pirates had asked for a $20 million ransom and recently reduced it to $8 million after withdrawing their initial threat to blow up the ship. According to Fadel, the Canal revenues increased over the past nine months compared to the same period last year, "which proves that the Canal is not threatened by the piracy crimes at the Somali coasts. According to official numbers released this week, revenues from the Suez Canal hit $469.6 million in September, down from $504.5 million in August but up from $403.7 million in September 2007. The number of vessels passing through the waterway fell to 1,872 in September from 1,993 in August but rose from 1,761 in September 2007. Insurance is another factor that would influence the decision to take a different route. With increasing piracy, sea navigation insurance companies will have to raise more funds for the insurance of the ships taking the troubled route. Fadel says the authority is maintaining a watchful look on the security situation in the canal. We are keeping an eye over what goes on in the Somali coast and we support any international effort to protect our interests. EU foreign ministers recently agreed to take action to protect commercial ships passing the troubled coast and also to make sure that ransom money doesn t fall in the wrong hands. Herve Morin, French Defense Minister, announced that at least 10 European countries would take part in the anti-piracy joint efforts. Belgium, Cyprus, France, Germany, Lithuania, Holand, Spain, Sweden and possibley Britain would take part in the force, Morin added. The joint naval force could be ready for deployment by the end of 2008. Meanwhile, NATO warships were steaming through the Suez Canal Wednesday en-route to Somalia to help combat piracy off the largely lawless African country s coast, an alliance spokesman said. Seven ships from six NATO navies ... are transiting the Suez Canal today on their way to conduct both anti-piracy duties and to visit NATO partner nations in the Gulf region, spokesman James Appathurai said on Wednesday. The ships - from Britain, Germany, Greece, Italy, Turkey and the United States - include four frigates, two destroyers and a supply ship, and most are expected to begin anti-piracy duties within two weeks, he said.
