Piracy Surge in Atlantic a Boon for South African Boat Builder [Financial Post (Toronto, Ontario, Canada)]
Paramount Group, Inc. (PGRE)
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Source: Financial Post
Advertisement A proliferation of pirate attacks in the Gulf of Guinea, an expanse of the Atlantic Ocean stretching from Senegal to Angola, is driving a security-boat building boom in South Africa. Paramount Maritime Holdings, a unit of Africa's biggest privately owned arms-maker, Paramount Group, says it has largely cornered the market for patrol and escort vessels used in the waters offshore Nigeria and neighboring states. The company currently has 26 boats with a total price tag of about $60 million under construction in Cape Town. Advertisement Article content “We pioneered the security patrol market in West Africa,” Stuart McVitty, chief executive officer of Paramount Maritime, said in an interview. “We've seen steady growth over the last five to six years.” Almost a third of the 68 piracy incidents reported in the first half of this year occurred in the Gulf of Guinea, and all 50 crew members that were taken hostage were abducted there, according to the International
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