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Security firm’s exit sparks concerns of domino effect - TradeWinds

Sovereign Global Solutions’ decision to leave the maritime market due to ‘severely sub-standard’ competitors could lead to capacity issues for owners

Sovereign Global Solutions (SGS), the biggest floating armoury owner, has pulled out of the market leaving the maritime security industry bracing itself for a domino effect.

In its notice of termination to clients, the UK-based group, which operates worldwide, said it had decided to exit the business in the wake of “severely sub-standard providers of maritime logistics services, who continue to regularly breach international embargoes”.

TradeWinds understands that two big shipping companies from Germany and Norway have inadvertently used armed guards from a bankrupt PMSC on their ships.

SGS’ exit from the market clearly creates a capacity issue within so-called High Risk Areas (HRAs).

Wylie told TradeWinds: “Now that we are withdrawing from this market, it is going to be a very interesting time for the industry.

“As well as the legal, safety and quality issues, you also have to consider the capacity issue; we had the largest capacity, so where are all these people and controlled goods going to go?”

Full Article Here: Tradewinds

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