Cash Quarrel

One pirate died and two others were wounded when pirates clashed over a ransom dispute.

Two different pirate groups fought over the Greek-owned “MV Polar”, currently being held off Hobyo.

The owners reportedly agreed to pay $8 million ransom, which the pirates accepted, but the other pirate gang and one of its investors refused to the release the ship and demanded more money.

Over the past months of the monsoon season pirates have been unable to add to their portfolio of seized vessels, we can perhaps expect that this will place greater emphasis on those they do have. They will be likely to haggle harder, as they attempt to gain higher ransoms for the vessels currently under their control.

Usually the longer a hijack rumbles on the ransom demands do tend to lessen, however with no replacement vessels lined up, it is imperative to the pirate business model that they gain the highest possible price.

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