Pirate Attacks Spur 36-Fold Increase in Ransoms: Freight Markets

Somali pirate attacks are increasing, spurred by a 36-fold jump in ransoms in five years, raising costs for shippers and the threat to vessels carrying 20 percent of world trade.  The raids are adding at least $2.4 billion to transport costs because vessels are being diverted onto longer routes to avoid attacks off east Africa,
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Source: Bloomberg