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International

Pirates target Asian, African waters, cost businesses nearly $2 billion

June 05, 2017 Reprints

A report by U.S.-based One Earth Future Foundation Inc.'s Oceans Beyond Piracy program found that Somalian pirates cost businesses nearly $2 billion in ransoms, security, insurance and other preventive measures in 2016, CNBC reported.

Seafaring incidents involving kidnap for ransom increased, with West Africa accounting for 95 instances of piracy while Asia accounted for 125 instances. Data from U.K.-based Maritime Asset Security and Training Ltd. showed that 48 instances of piracy were reported in the first quarter which included 36 instances of boardings or outright hijackings.

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Pirates target Asian, African waters, cost businesses nearly $2 billion

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