World Bank: Somali piracy needs new onshore focus

By REUTERS
April 11, 2013 11:39






MOGADISHU - Ending Somali piracy requires a shift from reliance on security at sea to targeting those on land who enable the lucrative business to thrive, according to the World Bank.




Although the number of attacks has markedly fallen since 2011 thanks to tougher security aboard ships and increased Western naval patrols, piracy emanating from the lawless Horn of Africa nation may still cost the world economy about $18 billion a year, the bank said in a report released on Thursday.




Pirates operate far beyond Somalia's waters, disrupting shipping on global routes in the Indian Ocean and into the Red Sea. Since the first reported hijacking in 2005, 149 ships have been seized, raising total ransoms of $315 million-$385 million.



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