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.

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