Posted on Monday, 24th January 2011 by
How much does piracy cost world markets?
According to oceansbeyondpiracy.com, $7 to $12 billion per year. This includes ransom costs, fuel costs in rerouting, delay costs, equipment costs, and costs for naval protection.
An excellent article by Business Insurance explores one broker’s two-year effort to develop a response to piracy. Jardine Lloyd Thompson Group, P.L.C. has developed the Convoy Escort Program.
The Convoy Escort Program will consist of 16 armed patrol boats patrolling the Gulf of Aden and trained to intercept pirates. This plan has face opposition by those opposed to a private commercial navy. But, the growing risk of piracy and the increasing danger has led to an interest in either arming commercial vessels or escorting the vessels with armed ships.
The program will act as a non-profit with fees for services benefiting the United Nations Office on Drugs and Crime.
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