Time flies with great content! Renew in to keep enjoying all our premium content.
Prime
Total cost of Somali piracy menace hits $12bn
A Spanish Navy officer leads out a suspected Somali pirate out of a ship in Mombasa. Piracy cost between $7bn and $12bn in 2010 and analysts say it could top $15bn by 2015. Photo/REUTERS
The total cost of piracy in the Indian Ocean in 2010 — almost all of it by Somali pirates — is estimated to be between $7 billion (Sh560 billion) and $12 billion (Sh960 billion), and could top $15 billion by 2015, according to analysts.
This bill includes ransoms, insurance payments, the cost of naval operations, prosecutions and of rerouting ships.
