Piracy surge off West Africa is great news for SA boat builder

Paramount Maritime taps growth in demand for security vessels, especially in the Gulf of Guinea

04 August 2021 - 19:48 By Antony Sguazzin and Paul Vecchiatto

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 SA

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 neighbouring states. The company currently has 26 boats with a total price tag of about $60m (R856m) under construction in Cape Town...

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