A record 266 ship attacks occurred worldwide in the first six months of 2011, the International Maritime Bureau (IMB) reported.
That is a 26% increase over the same period in 2010.
Off the Somali coast alone 20 hostages were taken and 117 ships attacked since Jan. 1. As of April 30, there were 528 hostages and 28 vessels being held for ransom.
Some industry experts say piracy costs $1 billion a year, while others claim it is as high as $16 billion. The disparity lies in whether freight rates, insurance premiums and longer transit costs are included with the cost of ransoms.
Despite the focus of reporting on Horn of Africa piracy, it is far more prevalent off of Nigeria than anywhere else in the world
Source: PTI
Category: International Maritime Injury Claims
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