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.

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.

In 2014, 5,009 crew members on freight ships in these areas as well as in South East Asia were victims of pirate attacks. Although in recent years the global society has been successful in slowing down the piracy in the Gulf of Aden off of Somalia, the largest expense is still in this area, at USD 2.3 billion, according to the report. 64 percent of the total costs for the piracy are paid by shipping.

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