Word: gulf
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Dates: during 2000-2009
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...Malaysia and the Indonesian island of Sumatra, carried pricey spices from the islands of the Indies to the eager markets of the West. Today, about 40% of the world's trade passes through the strait on 50,000 vessels that ply its waters every year. Oil from the Persian Gulf flows east to China and Asia's other voracious economies, which in turn send back manufactured goods to the Middle East and Suez Canal...
...pirates will be, because of the very different conditions on shore in Africa. The countries along the strait possess the resources and organized governments necessary to stand up to piracy. Those crucial elements are lacking in destitute and disorderly Somalia, where most of the pirates that are terrorizing the Gulf of Aden hail from. That fact alone makes the situation in Malacca and Somalia "completely different," warns Nazery of the Maritime Institute. "Piracy, whatever happens at sea, is symptomatic of a different problem - the instability of the political situation in Somalia," he says. As the nations along the Strait...
Before the recession hit, establishing a presence in the Persian Gulf was fast becoming the “in” thing for American universities: Georgetown’s School of Foreign Service in Doha, New York University in Abu Dhabi, Michigan State University in Dubai—the list goes on and on. So being the global, ambitious, and well-endowed institution that it is, it’s no surprise that Harvard is keeping up with the times...
China's rapidly growing Navy today patrols the Gulf of Aden, helping to protect Chinese commercial ships from piracy. It has eight new kilo class submarines - whose silence underwater makes them difficult to detect. Many of them are housed at a huge, new Naval base on the tropical island of Hainan, the "Hawaii" of China. Just last week, Admiral Wu Shengli, China's top naval officer, said his country needed to acquire more high tech weaponry in "order to boost the ability to fight in regional sea wars." Toward that end, many military analysts believe, China will soon build...
...Gates' reasoning is unlikely to deter many companies, which simply cannot afford to lose hugely valuable vessels and cargo to seaborne bandits. Indeed, insurance premiums have risen along with the ransom amounts, according to Regester, who estimates that coverage for a single voyage through the Gulf of Aden costs about $20,000. With shipping companies hard-hit by the global downturn, some opt simply to take their chances running the gauntlet of pirates, rather than pay insurance premiums. "I reckon less than 10% of vessels are insured now," says Regester. "K&R policies are considered a luxury." Whether...