Global Security, Privacy, & Risk Management

Pirates Release MV Panama after $7 Million US Ransom Paid September 6, 2011

According to Reuters Africa, Somali pirates released the MV Ransom after a reported $7 million US ransom was paid.  The vessel was hijacked on December 10th, 2010 while from Tanzania to Mozambique with a crew of 23 from Myanmar aboard.  Based upon recent reports it appears that while the number of successful hijackings are down in 2011, the amount being paid for ransom is increasing sharply.  The last two reports had an average ransom of $7.5 Million US paid to pirates.  As shipping companies continue to arm their vessels some have posited that attacks will become more violent.  I would suggest that not only will the hijackings become more violent but the pirates will demand a higher ransom as they have fewer lucrative targets to attack.