Jens Madsen News

The cost of Somali piracy to the global economy fell by almost half last year as attacks slumped, but piracy in West Africa was on the rise, an annual security report said on Wednesday. The Oceans beyond Piracy report put the total cost of Somali piracy - by far the largest single threat to international shipping in recent years - at only $3.2 billion in 2013. There were still at least 50 hostages in Somali captivity in desperate conditions, held on average for most three years each, the report said. Gauging the level of threats in the Gulf of Guinea was difficult because of incomplete reporting but it was clear that rising numbers of seafarers were being kidnapped, it said.

The cost of Somali piracy to the global economy fell by almost half last year as attacks slumped, but piracy in West Africa was on the rise, an annual security report said on Wednesday. The Oceans beyond Piracy report put the total cost of Somali piracy - by far the largest single threat to international shipping in recent years - at only $3.2 billion in 2013. There were still at least 50 hostages in Somali captivity in desperate conditions, held on average for most three years each, the report said.