Somali Pirates

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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