Rising concerns over piracy
Somali pirates reaped US$ 85 million from ransoms last year Somali pirates reaped an estimated US$ 85 million (Dh312m) from ransoms last year, and ships are increasingly using high-speed transits and armed guards to prevent seizures.Shipping officials say pirates also increased their brutality towards hostages in the past six months in an effort to pressure ship owners to settle faster and for higher amounts.The rising concerns brought together government and industry professionals at a high-profile anti-piracy conference in Dubai this week."Ship owners clearly see maritime piracy as the number one challenge and concern," said Peter Swift, the chairman of the steering group of the Maritime Piracy Humanitarian Response Programme."We would all like to see it eradicated. We also know it is not going to go away overnight," said Mr Swift, who is also a former head of Intertanko, an association for the oil tanker industry .The scourge of piracy, facilitated by the absence of a functioning central government in Somalia since 1991, has cost the global economy $ 7 billion, said Mohammed Adbulahi Omar Asharq, the foreign minister of the transitional federal government of Somalia. The average ransom is $ 4m, and ransoms of as much as $ 9.5m have ...
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