CIAO DATE: 08/2014
October 2012
Modern-day pirates operating off the coasts of Somalia and West Africa endanger the global economy and pose a vexing security problem for the United States, its international allies, and the maritime industry. In 2011, Somali pirates extracted over $100 million in ransoms from global shipping and insurance industries, and worse, held more than 1,200 seafarers hostage, often under inhumane conditions. But the cost of counter-piracy efforts has dwarfed the pirates’ profits. The naval response alone cost the United States and its allies some $1.27 billion in 2011. Self-protection efforts by the shipping industry may offer a sustainable and cost-effective alternative, but a set of enabling policies is urgently needed.
Resource link: Managing the Global Response to Maritime Piracy [PDF] - 916K