Piracy costs more than USD 3 billion a year
Every year it costs more than USD three billion to fight piracy in East and West Africa, according to a new report. Shipping pays a big part of the bill.
BY KATRINE GRØNVALD RAUN
Shipping is far from finished with dealing with piracy when freight vessels sail in the Gulf of Aden off the costs of Somalia or in the Gulf of Guinea off of the African West Coast. USD three billion a year is what it costs to fight piracy off the coasts of Africa, according to a new report from the organization Ocean Beyond Piracy, notes the Danish Shipowners' Association in a statement.
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