Average Ransom Demand By Pirates in Somalia in 2011

In 2011, the average ransom paid out to pirates holding hostages off the coast of Somalia increased 25 percent to $5 Million.

Pirate activities cost shipping companies and governments up to $6.9 Billion in costs in 2011, according to a report by One Earth Future Foundation.

Source:  Michelle Wiese Bockmann, “Somali Pirates Cost $6.9B as Attacks Reach Record,” Bloomberg, February 8, 2012.