The cost of maritime piracy could be as high as $12bn per year as average ransoms spiral 36 fold in five years, a report claims.
Somali pirates lined their pockets with a share of $238m in ransoms last year alone, the report from US-based think tank One Earth Future reads.
The not-for-profit organisation’s project Oceans Beyond Piracy looked at estimated costs of piracy off the Horn of Africa, West Africa and the Malacca Strait in compiling the report which inevitably focuses on the threat to shipping from Somali pirates.
“Over
