Sea Piracy Costs to Shipping Company

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.

Source: Michelle Wiese Bockmann, “Shipowners Turn to AK-47s to Halt $2.4 Billion of Piracy Off Africa, India,” Bloomberg, May 17, 2011.