Oil Pirates Thwarted by Nigerian Navy

Reuters reported that the Abu Dhabi Star, a Singapore-registered oil tanker that was hijacked by pirates, was freed when approached by a Nigerian naval ship and helicopter.

As quoted in the market news:

Lieutenant Commander Jerry Osomara, the Nigerian navy’s spokesman for Lagos, said it was not known if the fuel on board had been stolen.

“Definitely their intent was to steal the oil, but we don’t yet know if they were successful,” he said.

Piracy off Nigeria and other countries in West Africa’s oil-rich Gulf of Guinea is on the rise, and the region is second only to the waters off Somalia for the risk of pirate attacks, which drives up shipping insurance costs.

Click here to read the full Reuters report.