Piracy surge off West Africa leads to boom for SA boat builder Paramount Maritime
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, 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 has 26 boats with a total price tag of $60m (R856m) under construction in Cape Town...