Ransoms paid to Somali pirates averaged $5.4 million last year, compared with $150,000 in 2005, according to One Earth Future, a non-governmental organization based in Louisville, Colorado. A total of $238 million was paid out in 2010, the group said in a report, estimating the annual cost of piracy at $7 billion to $12 billion. That includes ransoms, insurance premiums, re-routing ships, security equipment and naval forces.
Somali pirates still held 28 ships and 638 hostages as of Dec. 31, the IMB said. Pirate attacks also took place in Nigeria and Bangladesh and Indonesia reported its highest level of attacks on ships since 2007, the IMB said. (via Pirates Hijacked a Record Number of Ships and Crew Last Year, IMB Reports – Bloomberg)
The Committee to Nuke Elysium 