Between 2006 and 2011, kidnapping for ransom by pirates lead to 748 Filipinos being held hostage from 61 different ships. One-third of all seafarers in the world are from the Philippines.
According to the International Maritime Bureau’s Piracy Reporting Center, there has been 352 pirate attacks around the world in the first 9 months of 2011. The number of attacks is a record.
According to the United Nations, 4,185 people were attached by pirates in the oceans in 2010. The pirates held 1,090 people as hostages for their kidnapping and ransom activities, and 516 people were held and used as human shields.
Maritime piracy causes $9 Billion in annual losses to the shipping industry due to higher insurance costs, security protection and changes in shipping paths, according to the Indian National Shipowners Organization.
Piracy off the coast of Africa and in the Indian oceans creates $2.4 Billion in additional costs to shipping companies. The costs are due to increase in kidnap and ransom insurance and additional security costs.
Over a career in piracy, a Somali Pirate can earn between $168,000 to $394,000.
In 2005, the average ransom payments from piracy was $125,000. By 2010, the average ransom payment increased to $5.4 Million. In total, $238 Million was paid out in ransom payments due to shipping piracy in 2010. Including insurance costs, security costs and other transportation issues, the total losses due to piracy was $12 Billion.
Maritime piracy costs the world’s economy between $7 Billion to $12 Billion a year, according to Chatham House.
In 2010, 18 of the 58 total pirate attacks of the shores of Nigeria involved kidnapping and ransom demands for hostages. In 2008 and 2009, only 8 kidnapping piracy cases involved ransom demands.
In 2009, Yemen’s fishing industry lost an estimated $150 Million due to illegal fishing activities by Somali Pirates.