Executive Briefings

Piracy May Cost Global Shipping as Much as $8Bn a Year

Maritime piracy costs the global shipping industry anywhere from $3.5bn to upwards of $8bn a year, according to Ron Widdows, group president of Neptune Orient Lines and chairman of the World Shipping Council.

Widdows gave his estimate to a conference on piracy in Dubai that opened just days after the International Maritime Bureau, a maritime watchdog, said worldwide pirate attacks in the first three months of 2011 reached the highest quarterly number ever at 142.

The sharp rise was driven by a surge in piracy off the coast of Somalia, where 97 attacks were recorded in the first quarter of 2011, up from 35 in the same period last year.

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Maritime piracy costs the global shipping industry anywhere from $3.5bn to upwards of $8bn a year, according to Ron Widdows, group president of Neptune Orient Lines and chairman of the World Shipping Council.

Widdows gave his estimate to a conference on piracy in Dubai that opened just days after the International Maritime Bureau, a maritime watchdog, said worldwide pirate attacks in the first three months of 2011 reached the highest quarterly number ever at 142.

The sharp rise was driven by a surge in piracy off the coast of Somalia, where 97 attacks were recorded in the first quarter of 2011, up from 35 in the same period last year.

Read Full Article