Piracy has really become a serious threat to whole world, not just in terms of human safety but also to the economy. The pirates of Somalia are almost fearless and continue their attacks on the container despite the untiring efforts of all nations and the naval forces. Ship hijacking by pirates have almost become common today, with atleast 3 ships being hijacked every week. Due to these attacks the insurance becoming more reluctant to grant agreements with shipping companies, and the ships are forced to take longer and safer routes due to which the cost of transporting via the ocean has almost become double when compared to 2005. Also due to no guarantee to the life of the crew, the wages for the men aboard the ship has to be increased tremendously just to keep them on board. All these hijackings have caused severe unrest among shipping companies and affect the prices of all products, which adds to the tension already caused by the economic recession.