Somali Piracy's Impact on the Global Economy Nears $7 Billion in 2011

Thu, 9 Feb 2012 00:00:00 GMT

Oceans Beyond Piracy released a report that raises concerns about the cost of Somali Piracy to the world economy. Approximately 80% of all costs are borne by the shipping industry, while governments account for 20% of the expenditures associated with countering piracy attacks. The report estimates the 2011 economic cost of piracy was between $6.6 and $6.9 billion."The report assesses nine differen...

Hellenic Shipping News Worldwide, Somali Piracy's Impact on the Global Economy Nears $7 Billion in 2011

Somali Piracy's Impact on the Global Economy Nears $7 Billion in 2011