Piracy off the coast of Somalia

Piracy off the coast of Somalia has been a threat to international shipping since the second phase of the Somali Civil War in the early 21st century. Since 2005, many international organizations have expressed concern over the rise in acts of piracy. Piracy impeded the delivery of shipments and increased shipping expenses, costing an estimated $6.6 to $6.9 billion a year in global trade in 2011 according to Oceans Beyond Piracy (OBP). According to the German Institute for Economic Research (DIW), a veritable industry of profiteers also arose around the piracy.