Pirate attacks in the Gulf of Aden and Indian Ocean, continue to be a problem for the
shipping community with vessels being hijacked and held for many months prior to being
released. This can result in a heavy expense to a charterer during a period when they are
not earning any income. Notwithstanding this exposure, many Charterers are still prepared,
or compelled commercially, to transit the Suez Canal and the Gulf of Aden.