Piracy costs shipowners $6 billion annually

It has become more and more expensive for shipowners to crack down on piracy even though the number of attacks has declined in recent years. In 2012 alone, shipowners spent 6 billion USD on fighting piracy, shows a new report.

Photo: IMO

Piracy is an expensive cost for the shipping companies which in 2012 spent 6 billion USD on crackdowns on piracy attacks. This is evident from a new report by the task force Oceans Beyond Piracy, which belongs under the private fund One Earth Future Foundation.

The report examined shipowners’ economic costs concerning pirate attacks. The report has shown that expenses per attack have increased coincident with a drop in the total number of pirate attacks in recent years.

Read the whole article

Get 14 days free access.

No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

Ørsted wants Maersk as customer in green methanol project

Energy company Ørsted has just bought 45 percent of Swedish Flagship One, which is set to produce green methanol for the shipping industry as of 2024. Ørsted's head of hydrogen wants Maersk as customer in the large scale project, he tells ShippingWatch.

Singapore names its biggest bunker suppliers

TFG Marine, a bunker company founded by two John Fredriksen-controlled carriers and commodity trader Trafigura, is among the five biggest bunker suppliers in Singapore in 2021. See the list here.

Record number of ships passed through Suez in 2021

Despite the blockage in the Suez Canal during spring of last year, the crucial waterway set a record for the number of ships passing through in 2021, reports Bloomberg. The canal is expected to complete an expansion by the middle of next year.

Related articles

Latest news

See all jobs