As ships reroute around Africa to avoid Middle East conflict zones, piracy off Somalia is back. The resurgence is driving up insurance, transit times and security costs, putting new pressure on global supply chains.
It's been a nightmare two months for global shipping, with the Strait of Hormuz largely shut to commercial traffic and the threat of fresh attacks on vessels in the Red Sea.
Now, a third crisis is brewing — a resurgence in Somali piracy.
Even before the latest escalations between the United States, Israel and Iran, around half the vessels bound for Europe from Asia and the Gulf were bypassing the Red Sea and Suez Canal due to earlier strikes by the Iran-backed Houthis.
Faced with the threat of attacks around the Bab el-Mandeb Strait, the narrow chokepoint between the Red Sea and the Gulf of Aden, major shipping firms opted instead for the long detour around southern Africa.
