Svitzer re-routes all vessels to avoid pirates
SVITZER has become the first major shipping company to confirm that it is re-routing all vessels around the Cape of Good Hope, in preference to transiting the Suez Canal, in an effort to avoid piracy in waters close to Somalia. Large tugs are fetching around $64,000 a day in the North Sea, potentially depriving Svitzer of revenues of well over $1.3m per trip in opportunity costs alone.
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