Average Ransom Payments from Sea Piracy

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.

Source: Viola Gienger, “Piracy Syndicates Selling Shares to Finance Attacks, U.S. Navy Chief Says,” Bloomberg, April 21, 2011.