Average Ransom Demand By Pirates in Somalia in 2011

in Transnational Crime

In 2011, the average ransom paid out to pirates holding hostages off the coast of Somalia increased 25 percent to $5 Million.

Pirate activities cost shipping companies and governments up to $6.9 Billion in costs in 2011, according to a report by One Earth Future Foundation.

Source:  Michelle Wiese Bockmann, “Somali Pirates Cost $6.9B as Attacks Reach Record,” Bloomberg, February 8, 2012.

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