Ransoms Surge

The levels of ransom payments have been steadily on the rise as the Somali piracy crisis has deepened. While the time taking to even agree these larger payouts is being drawn out seemingly ever longer.

According to Stephen Askins from Ince and Co there has been a hundred per cent increase in the ransoms paid to pirates following hijackings in 2010.

Speaking at a piracy seminar held in Dubai, he stated, “the levels of piracy activity in December 2010 and January 2011 have far exceeded those for the corresponding periods in 2010.”