Ransoms Lower

Somali piracy has taken an “alarming turn” since the beginning of the year, becoming more “prevalent, lucrative and violent”.

According to an insurance conference, an estimated $65 million was paid in ransoms in the first quarter of 2011, compared with around $39 million in the same period of 2009.

Experts stated that pirates have recently been forced to release several ships for lower than average ransoms.