Darth Rotor
Salted Sith Cynic
- Joined
- Aug 4, 2006
- Messages
- 38,527
The latest raid on the shipping lanes off of the Horn of Africa lands a supertanker that can haul about 2 million barrels of oil. (That's quite a bit.)
http://www.latimes.com/news/nationworld/world/la-fg-piracy19-2008nov19,0,5645455.story

This attitude strikes me as similar to how airline hijacking was dealt with for so long.
Action on this matter is long overdue. Hang them from the highest yardarm in the nearest port city.
DR
http://www.latimes.com/news/nationworld/world/la-fg-piracy19-2008nov19,0,5645455.story
Perhaps, but let's look at the profit motive: is this an issue of trying to fence a shipload of oil? No, it's more of a "kidnap for profit" deal that seems to be increasing in pupularity in more and more places. (While Mexico is locally famous for it, Mexico is not the only place this goes on.)World oil markets took only brief notice of the hijacking, jumping to $58.98 per barrel before closing at $54.95, down $2.09 from Friday, on the New York Mercantile Exchange. Had the hijacking taken place earlier in the year, before the world's leading economies began reeling and international demand for oil fell, it might have kicked the price of oil up $5 or more, analysts said.
From here: http://www.nytimes.com/2008/11/18/world/africa/18pirates.html?partner=rss&emc=rss{A} ... Ukrainian ship and its crew are still being held off the coast of the East African country as its owners negotiate with the pirates, who are seeking a multimillion-dollar ransom. Pirates typically attack within 200 miles of shore and go after much smaller prey, Christensen said. But in the case of the oil tanker, the assailants, who are holding hostage a multinational crew of 25, appear to be "fundamentally changing the way they're doing business," he said.
I find it disturbing that as pirate attacks rose a few years ago, the international community, to inlclude my country, did not assemble a blue hulled flotilla (with significant air support) to deal severely with this criminal enterprise. I guess that only happens when the enabling behavior continues, and the pirates up their price.Most ships do not have heavy security, while the pirates are fast and well armed. The ransom payments have been rising. Only a few years ago the average ransom was in the tens of thousands to hundreds of thousands of dollars. In 2008 they have mostly ranged from $500,000 to $2 million.

The cost of a security detail is how much, in comparison? Doubtless some clever MBA sort did a cost benefit risk analysis and found it to be cheaper just to pay, rather than increase payroll.The pirates’ profits are set to reach a record $50 million in 2008, Somali officials say. Shipping firms are usually prepared to pay, because the sums are still low compared with the value of the ships.

Action on this matter is long overdue. Hang them from the highest yardarm in the nearest port city.
DR
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