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
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...