Shipping your oil across the Gulf of Aden? Don't forget your piracy insurance, AP reported. As a ragtag group of gunmen faced off for days against the U.S. Navy near the coast of Somalia before a cargo ship captain was freed Sunday, industry-watchers say shipping companies already smarting from the global downturn are forced to pony up extra cash for steeper premiums to cover multimillion dollar ransoms or take the long way around African continent in the hope of dodging hijackers. «The pirates were the only people who had a good year in 2008,» said Crispian Cuss, a security consultant with the Dubai-based Olive Group. The Gulf of Aden, which connects the Indian Ocean to the Red Sea and the Suez Canal, is one of the busiest and most dangerous waterways in the world. As pirates have become more aggressive, the cost of insuring ships has gone up. Some companies are spending more time training their crews. Others are avoiding the area altogether _ taking long trips around the Africa's southern tip that can potentially add millions to the cost of each journey.
