Regional cooperation on policing the Malacca Strait, one of the world’s busiest shipping lanes, has led to a sharp fall this year in piracy attacks, cutting the cost of insuring cargo plying its hazardous waters. Crews are now considered less likely to become victims of “maritime muggings” by seaborne assailants. That’s a relief to countries such as Japan and China that depend on Middle East oil imports that transit the 500-mile passageway that snakes between Malaysia, Singapore, and Indonesia. The US also has a stake in securing a commercial choke point that is used by US warships moving between the Pacific and Indian oceans. More than 50,000 ships annually transit the waterway, where half the world’s oil passes through. Full Story
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