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The Economic and Human Cost of Piracy

Data according to the latest OBP Report ' The State of Maritime Piracy 2013' Oceans Beyond Piracy (OBP) has issued its annual report including data for the economic and human costs of African maritime piracy. The study titled"The State of Maritime Piracy 2013" examines the costs incurred as a result of piracyoccurring off the coast of Somalia, as well as in the Gulf of Guinea.EAST AFRICAOverall cost of Somali piracy is down around 50%from 2012.Attacks carried out by Somalia-based pirates continuedmulti-year decline; only 23 vessels were attacked.However, regional seafarers still at high risk.The international community spent an estimated $139.1million to deter each attack that took place in 2013. Despite significant progress in the fight against Somalipiracy, the remaining 54 hostages have been held foran average of almost 3 years.Image Credit: Oceans Beyond PiracyWEST AFRICAOBP estimates 100 total piracy attacks in 2013The study indicates a shift in 2013 towards more kidnapfor ransom attempts and a slight decline in oil theft attacks.West African piracy is more closely linked, and harder todifferentiate, from other types of maritime crime andcriminal activity ashore than Somali-based piracy.Piracy reporting and information sharing is largelyuncoordinated in the Gulf of Guinea, which could hide thetrue magnitude of the crimes.Image ...

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Latest OBP Report notes factors behind reduction in cost of Somali Piracy

Somali piracy has fallen nearly 50% to $3.2 Billion Oceans Beyond Piracy (OBP), a project of OneEarth Future Foundation, is launching the fourth installment of its annual reportsdetailing the economic and human costs of African maritime piracy. The study titled"The State of Maritime Piracy 2013" examines the costs incurred as a result of piracyoccurring off the coast of Somalia, as well as in the Gulf of Guinea.The study finds that attacks by Somali pirates are increasingly rare, and that, atbetween $3 billion to 3.2 billion, the overall economic costs of Somali piracy are downalmost 50 percent from 2012. However, at least 50 hostages remain in captivity, heldon average for nearly three years under deplorable conditions.Regarding Africa's West Coast, this report is the first comprehensive attempt byany organization to quantify the total economic cost of maritime piracy in that region.Piracy in the Gulf of Guinea remained a significant danger in 2013, says the report, withlevels perpetuated by a lack of open reporting and a lack of coordinated effort amongstakeholders.The media are invited to attend the report's launch, due to start at 9:00am onThursday 8th May at the Army & Navy Club ('The Rag'), 36 Pall Mall, London, SW1Y 5JN.The event will ...

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