April 19, 2011

Kowtowing to Pirates' Ransoms Fuels Maritime Piracy

RAND Corporation, RAND Corporation

AP Photo

International business practices encourage piracy in the Gulf of Aden and work against national and international interests. The business community needs to examine its practices or piracy will continue to flourish.

Some 33,000 ships a year currently transport oil, gas, manufactured goods, raw materials and food through shipping lanes around Somalia. Pirates in the Gulf of Aden on the eastern horn of Africa have captured more than 1,600 vessels in those waters in the last five years. They now hold 27 ships for ransoms that range from $2 million to $5 million a...

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TAGGED: Piracy, Gulf of Aden, Somalia, oil, food

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