Is piracy an off-hire event?

Andrew Preston and Dolly Bown, of Clyde & Co, consider Osmium Shipping Corporation v Cargill International SA (The Captain Stefanos)

Piracy continues to be a concern for owners, charterers and insurers. Following the significant increase in piracy attacks in the Gulf of Aden and the East Coast of Somalia in 2008, a number of cases dealing with hijackings taking place that year are finally coming before the courts.