Gulf of Guinea Pirates: Driving Up Freight Rates

West Africa Piracy 2012 (to date) - IMB Map

Platts reports an increase in shipping rates from Europe to West Africa due to piracy issues - at Piracy fears push NWE-WAF clean freight above NWE-US Atlantic Coast:

Clean freight rates for cargoes loading in Northwest Europe and discharging in West Africa are higher than for cargoes discharging in the US Atlantic Coast, Platts data shows, with shipping sources saying Thursday this is due to fears of piracy.***

The technical explanation has do to with the need to spend more time steaming farther off shore to limit piracy risks that rise with anchoring inshore.