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Inside the Billion-Dollar Fight to Foil High-Sea Hijackings

Gone are the days of one-eyed pirates being chased by the dilapidated schooners of ancient naval fleets. The modern-day fight against piracy is more like a 21st century James Bond movie, and it's a lucrative multi-billion-dollar business.Efforts to protect the seas and the shippers responsible for transporting billions of dollars worth of goods each year have ramped up over the last few years amid the re-emergence a half a decade ago of piracy.Oceans Beyond Piracy estimated in a new report released Tuesday that the cost of piracy in 2012 ranged between $5.7 billion and $6 billion . While that's down 12.6% from a high of $7 billion in 2011, the cost was reduced as attacks fell sharply and the speed of boats through high-risk areas fell, both a reflection of wide adoption of armed guards on seafaring vessels – the cost of which rose a staggering 80% last year to a high of $1.53 billion."The overall cost to the international community remains considerable," Oceans Beyond Piracy said in a ...

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  1. Is Administration Taking Right Steps to Quell Middle-East Tensions?

    FOX News legal analyst Lis Wiehl and Deirdre Imus debate the government's stance on Libya and recent attacks by Somali pirates .

  2. U.S.-Bound Oil Tanker Hijacked off Oman

    Armed pirates seized a U.S.-bound oil tanker off Oman carrying around $200 million worth of crude on Wednesday in one of the biggest raids in the area to date, escal...

  3. UK blocks move to hit Somali pirates with U.N. sanctions

    LONDON, Aug 9 (Reuters) - Britain is blocking a move to place two alleged Somali pirate commanders on a U.N. sanctions list, fearing it could hurt the British shippi...

  4. Health-Care Drama Continues

    Eric breaks down the latest reform bills.

  5. Incentives Work

    November 19, 2009 04:25 PM UTC by John StosselIncentives WorkI’ve argued that privatizing the Gulf of Somalia would be the best way to end the pirate attacks. But sh...

  6. Danger on the High Seas

    The Future of Pirating

  7. Reconsider Military Cuts?

    Carafano on Defense Cuts

  8. Negotiating with Pirates

    James Christodoulou on dealing with pirates.

  9. Cavuto's Deal: So Many Problems


  10. Cavuto's Deal: Pirates vs. Bureaucrats


  11. International Tribunals for Pirates?

    How should pirates be dealt with?

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