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Abstract

This study presents a comprehensive analysis of the development and implementation of a piracy risk index, crucial for enhancing maritime security and safeguarding the global shipping industry. By integrating both qualitative and quantitative assessments, the research offers a nuanced understanding of piracy risks across various maritime regions. The qualitative assessment incorporates the terrorism index and arms trafficking index, which are averaged and scaled to reflect the underlying socio-political factors influencing piracy. The quantitative assessment utilizes the exponentially weighted moving average (EWMA) to dynamically capture the frequency and severity of piracy incidents over time. The findings reveal significant regional variations in piracy risk levels, underscoring the necessity of region-specific risk assessments. For instance, the West African coast, identified as a high-risk area, requires intensified security measures due to its elevated qualitative and quantitative scores. Conversely, regions like the East African coast and the Bay of Bengal, despite high qualitative scores, show lower quantitative scores, indicating the complexity of factors affecting piracy risks. The practical implications of this study are extensive. The piracy risk index serves as an essential tool for maritime industries, aiding in route planning, security enhancements, and crew training. By pinpointing high-risk areas, shipping companies and cruise lines can allocate resources more efficiently and implement targeted strategies to mitigate potential threats.

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