Record Ransom

The release of the VLCC “Irene SL” from Somali pirates after two months ago has come at a rather high cost.

According to press reports the pirates freed the 319,000-dwt vessel after they received a record ransom payment of $14 million.

The vessel had a crew of 17 Filipinos, 7 Greeks, and a Georgian, and was transporting a cargo of crude oil on February 9 when it was seized by pirates 200 nautical miles off the coast of Oman.