Amid the rough-clad longshoremen offloading containers, the docks at Dar Es Salaam, Tanzania, were until recently also bustling with tourists in gaudy shirts.
No longer - since Somali pirates started operating further south, the visitors have stayed away.
According to Tanzanian government figures, 57 attacks have occurred off its territorial waters over the past year. Up to 300 attacks, some as far south as Mozambique, have taken place over the past six years off the African coastline.
The cost to the east African economy is vast. Fishing, a mainstay of coastal communities, has fallen by a third, according to the Rosa Luxemburg Foundation for Southern Africa. The Seychelles, which derives 40 per cent of its income from fishing, has seen its economy lose almost 10 per cent of its GDP as a result of Somali buccaneering.
Conversely, for some however, the pirates have been a windfall.
"Piracy is a relatively sophisticated business requiring significant labour and investment from local communities," says Anja Shortland, a researcher with Chatham House in London, who has carried out an extensive study into the economics of pirating.
She says the taking of the Albedo, a Pakistan-registered cargo ship that was hijacked in the Gulf of Aden in 2010 and finally released last month, provides an accurate case study. During the 17 months the vessel was held, a round-the-clock guard of 100 men was required, who would have needed food, water and khat (a stimulant plant chewed by many in the region) for their cooperation.
Drivers, mechanics, cooks and other support services were also needed to keep the "garrison" supplied. Add to this the fuel required to keep the ship's diesel generators running to provide lights, and the costs incurred by the pirates would have been substantial. The ransom was eventually settled at US2.75 million (Dh10.1m), a figure lower than the average settlement price of about $4.5m, says Ms Shortland.
"The final amount, while probably rather disappointing to the pirates, is still very significant compared to other business opportunities in coastal Puntland," she says. The buccaneers took about $100m in 2010, and the estimate for last year could be as high as $150m.
"As a best guess, around a third of these ransoms probably find their way into the local economy, another significant part circulates in the parallel US dollar-denominated economy and a further part is spent on foreign imports such as khat and SUVs," says Ms Shortland.
But what's good for Somalis is not necessarily good for other African countries. International efforts that have seen shipping nations band together - including unlikely allies such as the US and Iranian navies - have reduced pirate attacks off the Somali coast and along the Gulf of Aden. Consequently pirates have begun moving south and eastwards.
The Seychelles has been particularly hard hit. The Indian Ocean archipelago depends on fishing and tourism, especially chartered yachting, for much of its income. But these have been crippled by pirate raiders, who at times brazenly snatch victims from close to the island's shores .
Tanzania has estimated pirating will cost it $4m this year, after more than 50 foreign firms cancelled contracts to harvest its waters, for fear of having their vessels captured. Even Mozambique and Madagascar are not unaffected. Vessels have been seized in the waters off both these countries.
Of the countries on Africa's eastern seaboard, only South Africa has a credible navy. This leaves vulnerable countries heavily dependent on international efforts to keep their oceans free of pirates. But as these operations tend to focus on northern trade routes, pirates are beginning to move further south.
"Historically, the unintended consequence of increased naval operations off the coast of Somalia resulted in the pirates developing their operations to include 'motherships', which allowed then a much greater operational range," says Captain Phil Holihead, the programme manager for the International Maritime Organisation's (IMO) counter-piracy project.
Capt Holihead says the IMO is considering assisting these countries, and helping them use what vessels they have more effectively. That can include helping with intelligence gathering so they are given warning when suspect vessels enter their waters, enabling them to improve their response time.
"A commonly shared picture will give the regional navies the ability to regionally assess the immediate problems and be in a position to burden-share so that the most effect is gained from a small number of ships," he says.
A conference was recently held in Cape Town, South Africa, to bring together the disparate African forces. Captain King Chiragi, of the Tanzanian navy, summed up the challenge in tracking illegal activities across the huge swathe of Indian Ocean with a motley collection of patrol craft: "Pirates pose as fishermen and therefore you could come across them, but not be able to identify them," he said.
"There are many fishing vessels on the seas."
business@thenational.ae
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The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
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COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
Tributes from the UAE's personal finance community
• Sebastien Aguilar, who heads SimplyFI.org, a non-profit community where people learn to invest Bogleheads’ style
“It is thanks to Jack Bogle’s work that this community exists and thanks to his work that many investors now get the full benefits of long term, buy and hold stock market investing.
Compared to the industry, investing using the common sense approach of a Boglehead saves a lot in costs and guarantees higher returns than the average actively managed fund over the long term.
From a personal perspective, learning how to invest using Bogle’s approach was a turning point in my life. I quickly realised there was no point chasing returns and paying expensive advisers or platforms. Once money is taken care off, you can work on what truly matters, such as family, relationships or other projects. I owe Jack Bogle for that.”
• Sam Instone, director of financial advisory firm AES International
"Thought to have saved investors over a trillion dollars, Jack Bogle’s ideas truly changed the way the world invests. Shaped by his own personal experiences, his philosophy and basic rules for investors challenged the status quo of a self-interested global industry and eventually prevailed. Loathed by many big companies and commission-driven salespeople, he has transformed the way well-informed investors and professional advisers make decisions."
• Demos Kyprianou, a board member of SimplyFI.org
"Jack Bogle for me was a rebel, a revolutionary who changed the industry and gave the little guy like me, a chance. He was also a mentor who inspired me to take the leap and take control of my own finances."
• Steve Cronin, founder of DeadSimpleSaving.com
"Obsessed with reducing fees, Jack Bogle structured Vanguard to be owned by its clients – that way the priority would be fee minimisation for clients rather than profit maximisation for the company.
His real gift to us has been the ability to invest in the stock market (buy and hold for the long term) rather than be forced to speculate (try to make profits in the shorter term) or even worse have others speculate on our behalf.
Bogle has given countless investors the ability to get on with their life while growing their wealth in the background as fast as possible. The Financial Independence movement would barely exist without this."
• Zach Holz, who blogs about financial independence at The Happiest Teacher
"Jack Bogle was one of the greatest forces for wealth democratisation the world has ever seen. He allowed people a way to be free from the parasitical "financial advisers" whose only real concern are the fat fees they get from selling you over-complicated "products" that have caused millions of people all around the world real harm.”
• Tuan Phan, a board member of SimplyFI.org
"In an industry that’s synonymous with greed, Jack Bogle was a lone wolf, swimming against the tide. When others were incentivised to enrich themselves, he stood by the ‘fiduciary’ standard – something that is badly needed in the financial industry of the UAE."
Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
ADCC AFC Women’s Champions League Group A fixtures
October 3: v Wuhan Jiangda Women’s FC
October 6: v Hyundai Steel Red Angels Women’s FC
October 9: v Sabah FA