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 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.

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Source: seatrade-maritime.com

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