Pirates boarded a fully loaded supertanker off the coast of Nigeria on Tuesday, kidnapping 19 crew members.
The kidnapped crew are still missing, a spokeswoman for Navios, the ship’s owner, said on Wednesday.
Crew members who avoided being kidnapped were able to sail the vessel to a safe location, the spokeswoman said.
She said the company’s priority was the safe return of those who were missing.
The Nave Constellation, can carry 2 million barrels of oil. There was no damage to the ship when the pirates boarded.
The incident occurred about 77 nautical miles from Bonny Island, a key loading point for Nigerian crude. The vessel had only recently collected its cargo.
The incident will be of concern to insurers considering the risks of collecting oil from Africa’s biggest producer.
The Gulf of Guinea has been the site of sporadic incidents of piracy for a few years but an attack on a supertanker is rare.
Nigeria suffered a spate of militancy that crippled its oil industry in 2016, but it rarely strayed into shipping.
Out of 95 attacks worldwide where hijackers boarded the vessel in the first nine months of 2019, 17 took place in Nigerian waters, data from the International Maritime Bureau shows.
As a region, the Gulf of Guinea accounts for almost 82 per cent of crew kidnappings globally.
Financial considerations before buying a property
Buyers should try to pay as much in cash as possible for a property, limiting the mortgage value to as little as they can afford. This means they not only pay less in interest but their monthly costs are also reduced. Ideally, the monthly mortgage payment should not exceed 20 per cent of the purchaser’s total household income, says Carol Glynn, founder of Conscious Finance Coaching.
“If it’s a rental property, plan for the property to have periods when it does not have a tenant. Ensure you have enough cash set aside to pay the mortgage and other costs during these periods, ideally at least six months,” she says.
Also, shop around for the best mortgage interest rate. Understand the terms and conditions, especially what happens after any introductory periods, Ms Glynn adds.
Using a good mortgage broker is worth the investment to obtain the best rate available for a buyer’s needs and circumstances. A good mortgage broker will help the buyer understand the terms and conditions of the mortgage and make the purchasing process efficient and easier.
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
Scoreline
Ireland 16 (Tries: Stockdale Cons: Sexton Pens: Sexton 3)
New Zealand 9 (Pens: Barrett 2 Drop Goal: Barrett)
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
