LONDON: Piracy on the world's seas will result ina global loss of nine million pounds by the year 2015, experts have warned.
They reveal that Somali pirates are earning up to 79,000 dollars a year, which is in stark contrast to the average Somalian annual income of 500 dollars.
The study by Geopolicity is to be discussed in detail at an international piracy conference that starts in Dubai tomorrow. It is one of the first attempts to map the economics behind piracy.
The results, revealed exclusively to The Independent on Sunday, highlight the magnitude of the problem, with attacks at record levels and huge financial rewards set to swell the ranks of pirates.
The continued growth of piracy, fuelled by organised and armed gangs using "motherships" to enable them to attack further afield, could see the numbers of pirates, estimated to be at least 1,500, rise by up to 400 a year.
The paper quotes Peter Middlebrook, head of Geopolicity, as saying: "Pirates are the very essence of rational profit maximising entrepreneurs." He predicted that incidents would "expand substantially beyond Somali waters - given the rising income disparity between pirates and non-pirates".
The United Nations source has described this comprehensive study as vital for evolving a united approach based on shared intelligence.
Piracy has soared in the past five years, from 276 incidents in 2005 to 445 in 2010. According to the International Maritime Bureau, there have been 142 attacks between January and March - 97 off the coast of Somalia - up from 35 in the same period last year.
Pirates seized 18 vessels worldwide, capturing more than 340 hostages in attacks in which seven crew members died and 34 were injured.
They reveal that Somali pirates are earning up to 79,000 dollars a year, which is in stark contrast to the average Somalian annual income of 500 dollars.
The study by Geopolicity is to be discussed in detail at an international piracy conference that starts in Dubai tomorrow. It is one of the first attempts to map the economics behind piracy.
The results, revealed exclusively to The Independent on Sunday, highlight the magnitude of the problem, with attacks at record levels and huge financial rewards set to swell the ranks of pirates.
The continued growth of piracy, fuelled by organised and armed gangs using "motherships" to enable them to attack further afield, could see the numbers of pirates, estimated to be at least 1,500, rise by up to 400 a year.
The paper quotes Peter Middlebrook, head of Geopolicity, as saying: "Pirates are the very essence of rational profit maximising entrepreneurs." He predicted that incidents would "expand substantially beyond Somali waters - given the rising income disparity between pirates and non-pirates".
The United Nations source has described this comprehensive study as vital for evolving a united approach based on shared intelligence.
Piracy has soared in the past five years, from 276 incidents in 2005 to 445 in 2010. According to the International Maritime Bureau, there have been 142 attacks between January and March - 97 off the coast of Somalia - up from 35 in the same period last year.
Pirates seized 18 vessels worldwide, capturing more than 340 hostages in attacks in which seven crew members died and 34 were injured.
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