Friday, November 20, 2009

The Pirate Problem

Business Week looks at the increasing problem of piracy:

As ransoms increase, so too have the pirates' ambitions. No longer do they merely operate in waters close to the Somali shore or in the Gulf of Aden. They have targeted ships much further out on the open sea. On Nov. 9, they attacked a 360 meter (1,180 foot) Chinese tanker some 1,000 sea miles off the Somali coast. The tanker was able to evade the attackers, but the case illustrates anew that the pirates have broadened their hunting grounds to such a degree that complete protection from warships is no longer possible.


John said...

Are you aware of Kidnap and Ransom insurance?
I only learned of it a few months ago.
It's probably an important and now essential part of doing global business but it also seems like pouring gas into a fire.

Michael Wade said...


I was not aware of that. (I might shy away from a job that requires Kidnap and Ransom insurance.) And you're right: Does it encourage pay-offs?