The human cost of maritime piracy 2012

MARSEC updates - United Guards Services Ltd

Oceans Beyond Piracy presented its third annual assessment of the Economic Cost of Somali Piracy 2012 (ECoP 2012). This year’s assessment, like the one before it, considered nine separate cost categories and found that maritime piracy cost the global economy between $5.7 and $6.1 billion in 2012. This figure reflects a drop in the cost of piracy to the global community of around $850 million, or 12.6% from 2011. This updated report studies not only the human cost of Somali Piracy, but also examines the threat of piracy to seafarers in the waters off West Africa. It further discusses the long-­term psychological and financial difficulties faced by seafarers following attacks and periods of time spent in captivity. The detailed report … Continue reading