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Vol 50 No 6

Published 20th March 2009


Somalia

The piracy menace

Ransom payments range from US$500,000 to $3 million. The total since January 2008 is about $50-80 mn. Legal fees for a typical case are around $300,000, plus $100,000 for a ransom negotiator. Delivering a payment costs $1 mn. for ex-military guards and their boat. Revenue lost by late delivery, extra crew pay and compensation brings the total cost to the shipping industry to around $200 mn. since the start of last year.

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