Cost of piracy: not all is in dollars
Our view of Somali piracy as the Afghanistan of international shipping has been bolstered by a study made by the US-based One Earth Future foundation as part of its Oceans Beyond Piracy (OBP) project. This is a longish war and it’s costing lots of money. The approximated total economic cost of piracy, mainly arising from the Somali kind: $7-10 billion per year. The OBP estimate gives some idea of the magnitude of the Somali piracy problem but not its complexity. It also tells nothing about the hidden costs. (more…)
