November 20, 2008 4:38 PM

Pirates along African coast send shipping costs soaring

When Somali pirates last weekend seized the Sirius Star, a Saudi Arabian supertanker carrying $100 million worth of oil, they jolted a global shipping industry that's long coped with threats on the high seas. Now, in the face of increasingly bold and frequent pirate attacks off the east coast of Africa, the industry is facing spiraling costs and calling for a more forceful and coordinated response from governments that have sent naval vessels to the region.

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