- Mobilization of all affected sectors of the maritime community
- Developing public-private partnerships that promote long-term solutions at sea and ashore
- Global and sustainable deterrence based on the rule of law
The Economic Cost of Piracy
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In 2011, Somali pirates attacked 237 ships and successfully hijacked 28. Piracy impacts multiple stakeholders, none more so than the seafarers attacked, held hostage, or killed. Oceans Beyond Piracy’s report on the “Economic Cost of Somali Piracy” estimates that piracy cost nearly $7 billion in 2011. The study assesses nine different cost factors, and finds that over 80% of the costs are borne by the shipping industry, while governments account for 20% of the expenditures associated with countering piracy attacks. This project was produced in collaboration with multiple maritime representatives from industry, government, and civil society.
The Economic Cost of Somali Piracy 2011 Files for Download
Download the full report here: Economic Cost of Somali Piracy 2011 - Full Report
Download a 2 page summary here: Economic Cost of Somali Piracy 2011 - Summary
Download the press release here: Economic Cost of Somali Piracy 2011 - Press Release
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Economic Cost of Piracy 2010
At the end of 2010, around 500 seafarers from more than 18 countries are being held hostage by pirates. Piracy clearly affects the world’s largest trade transport industry, but how much is it costing the world? One Earth Future (OEF) Foundation has conducted a large-scale study to quantify the cost of piracy as part of its Oceans Beyond Piracy project. Based on our calculations, maritime piracy is costing the international economy between $7 to $12 billion, per year. This project is designed to be a collaborative effort, and we welcome feedback and suggestions from stakeholders concerned with the issue of maritime piracy. We hope that it will be a useful tool for analysts and policy makers working towards solutions to piracy.
Click on the links to see some reports on the study in the press: Voice of America, Reuters, BBC
The Economic Cost of Piracy 2010 Files for Download
- The Economic Cost of Piracy - Summary (printable PDF version)
- The Economic Cost of Piracy - Full Report (printable PDF version)
- The Economic Cost of Piracy - Presentation (printable PDF version)
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If you would like to comment on the reports, or have any questions, please contact Anna Bowden: abowden@oneearthfuture.org
