© Khunaspix Dreamstime.

As common criminals are increasingly attracted to the piracy business through the lure of huge ransoms, the costs to trade transiting the Persian Gulf and areas off the coast of Somalia are likely to increase – possibly by more than double the current level, estimated to be between $3bn and $6.5bn. That’s the worst-case scenario outlined in a new report from the Gulf Petrochemicals & Chemicals Association.