Shares of Pyxis Tankers (NASDAQ:PXS) moved higher by 2.1% in pre-market trading after the company reported Q1 results.
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Pirate attacks have increased by 40 per cent this year with more than 80 kidnappings at sea.
The pandemic is blamed for the rise after tankers were forced to drop anchor offshore, unable to dock at ports due to restrictions that various countries put in place, and then vulnerable to take over by boarding parties.
The International Maritime Bureau has received notice of 159 incidents of piracy and armed robbery against ships in 2020, with a large proportion of those relating to incidents in the Gulf of Guinea.
The issue has caught the attention of policy makers. In January, the EU is launching a £1.3 million ($1.73m) maritime security programme to train personnel to patrol international waters to address the rising number of incidents.