Maritime guns for hire adapt to changes in sea piracy

December 3, 2014 9:23 PM

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SINGAPORE (Reuters) - Cash-strapped maritime security firms are being forced to use fewer costly elite guards and to diversify into other businesses such as cyber security, as a steep decline in Somali pirate attacks and hotter competition erode fast-thinning margins.

Hundreds of security firms sprang up over the past seven years to offer protection to shipping companies, with scores of merchant vessels being boarded and sailors taken hostage in pirate raids off the coast of conflict-torn Somalia.

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