{"id":423617,"date":"2011-05-13T15:17:01","date_gmt":"2011-05-13T15:17:01","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/05\/13\/somali-piracy-costs-8bn-a-year\/"},"modified":"2011-05-13T15:17:01","modified_gmt":"2011-05-13T15:17:01","slug":"somali-piracy-costs-8bn-a-year","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/05\/13\/somali-piracy-costs-8bn-a-year\/","title":{"rendered":"Somali piracy ‘costs $8bn a year’"},"content":{"rendered":"

13 May 2011<\/span> Last updated at<\/span> 11:17 ET<\/span><\/span><\/p>\n

Piracy off the Somali coast costs the international community up to $8.3bn (\u00a35.1bn) a year, a new report from the Geopolicity consultancy estimates.<\/p>\n

That sum could reach $13-15bn by 2015, it says. It calculates that a pirate can earn up to $79,000 a year.<\/p>\n

“Given the supply and demand for piracy services… there is plenty of room for expansion,” the report warns<\/a>.<\/p>\n

The EU Navfor anti-piracy force says<\/a> 23 vessels and 530 hostages are currently being held.<\/p>\n

Spread of piracy?<\/span><\/p>\n

Geopolicity, which specialises in economic intelligence, forecasts an annual increase of 200-400 in the number of pirates operating off the Somali coast.<\/p>\n

Piracy cost between $4.9bn and $8.3bn in 2010, it estimates, taking into account the effect on maritime trade volume, the expanding area in which pirates operate and the more sophisticated tactics used to combat them.<\/p>\n

Piracy risks becoming a problem across African, Mediterranean and Pacific Rim waters, it warns.<\/p>\n

Total income to pirates and from piracy was $75m-$238m in 2010, the study says. And it highlights the earning potential of pirates in an impoverished country with few other opportunities, no government and no rule of law.<\/p>\n

While an individual pirate could earn $33,000-$79,000 a year, the next best alternative would bring in only $500 annually, or $14,500 over a lifetime.<\/p>\n

The consulting group highlights what it calls the “Pirate Value Chain” of pirates, financiers and sponsors.<\/p>\n

“Pirates are visible and known, financiers are harder to track, and sponsors remain invisible,” it says.<\/p>\n

Geopolicity says its research charts “largely unknown territory”, underlining the “relatively weak application of economics to the problem of piracy”.<\/p>\n

“The supply of pirates, therefore, is closely related to the expected benefits of being a pirate and the associated risk-adjusted costs,” the study says.<\/p>\n<\/div>\n<\/p>\n

See the original post:
\nSomali piracy ‘costs $8bn a year’<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

13 May 2011 Last updated at 11:17 ET Piracy off the Somali coast costs the international community up to $8.3bn (\u00a35.1bn) a year, a new report from the Geopolicity consultancy estimates. That sum could reach $13-15bn by 2015, it says. It calculates that a pirate can earn up to $79,000 a year. <\/p>\n","protected":false},"author":0,"featured_media":423167,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":{"0":"post-423617","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-local-news"},"yoast_head":"\nSomali piracy 'costs $8bn a year' - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2011\/05\/13\/somali-piracy-costs-8bn-a-year\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Somali piracy 'costs $8bn a year' - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"13 May 2011 Last updated at 11:17 ET Piracy off the Somali coast costs the international community up to $8.3bn (\u00a35.1bn) a year, a new report from the Geopolicity consultancy estimates. 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