Global Piracy Costs Billions

Several of the 19 captured Somali pirates, captured by the french navy on January 4, 2009. the French naval vessel Jean de Vienne, patrolling in the seas off Somalia as part of a European Union anti-piracy force, came to the rescue of two cargo ships in the Gulf of Aden. Photo from Chronogram Magazine

Global Piracy Costs Billions, Says Study -- BBC

Maritime piracy costs the global economy between $7bn (£4.4bn) and $12bn (£7.6bn) a year, a study says.

The report, compiled by US think-tank One Earth Future, calculated the amount from the costs of ransom, security equipment and the impact on trade.

The majority of costs came from piracy off Somalia, it says.

Although the costs are said to be difficult to assess, one researcher estimated they had increased roughly five-fold since 2005.

Despite an international effort to patrol waters, the number of reported incidents of piracy has risen over recent years, and the areas in which they operate has grown.

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More News On The Cost Of Global Piracy

Study: Piracy Costs World Up to $12 Billion Annually -- Voice of America
Piracy costs global economy $7-12 bln a year: study -- Reuters
Piracy costs world economy up to $12 billion a year -- Sify News
Sea Piracy Costing Global Economy Billions: Report -- RTT News