Piracy Cost Jumps to $6.9 Billion With Attacks Off Somalia Reaching Record

Somali pirates cost the shipping industry and governments as much as $6.9 billion last year as average ransom payments advanced 25 percent, according to One Earth Future Foundation.


Ships are spending an extra $2.7 billion on fuel to speed up through the area because no vessel has been captured while traveling at 18 knots or faster, the Colorado-based non-profit group said in a report today. Governments spent $1.27 billion on military operations, including warship patrols, and ship owners another $1.16 billion on armed guards and security equipment.


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