In 2011, Somali pirates attacked 237 ships and successfully hijacked 28. Piracy impacts multiple stakeholders, none more so than the seafarers attacked, held hostage, or killed. Oceans Beyond Piracy’s report on the “Economic Cost of Somali Piracy” estimates that piracy cost nearly $7 billion in 2011. The study assesses nine different cost factors, and finds that over 80% of the costs are borne by the shipping industry, while governments account for 20% of the expenditures associated with countering piracy attacks. This project was produced in collaboration with multiple maritime representatives from industry, government, and civil society.
Click to view the most recent report in the series, The State of Maritime Piracy 2014