Sea piracy falls to 5-year low as Somali gangs retreat

LONDON (Reuters) - International naval patrols off Somalia and armed private guards on board ships have driven pirate attacks to a five-year low in 2012, but the risk to shipping off west Africa is growing.

Somali piracy in the busy shipping lanes of the Gulf of Aden and the northwestern Indian Ocean off east Africa cost the world economy some $7 billion in 2011, according to the American One Earth Future foundation.