MOGADISHU - Ending Somali piracyrequires a shift from reliance on security at sea to targetingthose on land who enable the lucrative business to thrive,according to the World Bank.
Although the number of attacks has markedly fallen since2011 thanks to tougher security aboard ships and increasedWestern naval patrols, piracy emanating from the lawless Horn ofAfrica nation may still cost the world economy about $18 billiona year, the bank said in a report released on Thursday.
Pirates operate far beyond Somalia's waters, disruptingshipping on global routes in the Indian Ocean and into the RedSea. Since the first reported hijacking in 2005, 149 ships havebeen seized, raising total ransoms of $315 million-$385 million.