Research conducted by the Oceans Beyond Piracy project, part of One Earth Future, an NGO, has attempted to measure the full economic cost of piracy.
A total of US$238 million was paid in ransoms during 2010, with the cost of ransoms increasing from an average payment of US$150,000 in 2005 to US$5.4 million in 2010. A South Korean oil tanker was ransomed for US$9.5 million in November 2010. By the end of the year, 500 seafarers from 18 countries were being held hostage. Read More...
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