Piracy: counting the cost
Intertanko estimate $1.2 billion spent on armed guards.
Plunge in Gulf of Aden piracy incidents comes at a huge cost
By Lee Hong Liang from Singapore
The piracy-prone Gulf of Aden at the Horn of Africa has seen attacks decrease sharply over the last five years, but the positive development has come at a massive cost, according to data cited by Intertanko.
Tim Wilkins, regional manager Asia-Pacific & Environment Director at Intertanko’s Asia representative office in Singapore, observed that the success of curbing piracy at the Gulf of Aden has led to an economic cost of $2.2-2.3bn in 2014 alone.
To continue reading, please click here.