Armed Guarding End Game

Collapse of major PMSC causes industry concerns.

Armed Guarding End Game

What goes up, must come down – especially when a bubble bursts, Which it seems is exactly what is happening to private maritime security companies (PMSCs).

Things are reportedly bad for a number of high profile PMSCs, and the media has been quick to pick over the bones of businesses which have gone bust.

Perhaps the most high profile failure (for now), has been that of Gulf of Aden Group Transits (GoAGT) which has gone under allegedly owing millions in unpaid salaries, and cash to a host of creditors, such as port agents, suppliers and travel companies.

At its peak GoAGT boasted of a “100 per cent success record on over 1,800 transits”, making it one of the world’s top 10 PMSCs. Then came the spectacular collapse, as this previously respected company went pop.

There is real concern as to the effect on the operatives who will now have been left out in operational areas – or onboard vessels. Media reports state that around 100 armed security staff have been “left scattered at sea” and “left high and dry in treacherous waters, including off the coast of Somalia”. There are now real concerns as to how they will be repatriated and cared for, and ultimately paid.

To continue reading, please click here.

Source: shiptalk.com