Sea Transportation: The Pirate Payment Network

Archives

May 7, 2006: Some of the Somali pirates have established a negotiating and money transfer network in the Persian Gulf. There, negotiations and payment can be quickly carried out. One captured ship, the San Carlos, was ransomed for $650,000 last Fall using this network. The ship was worth over $2 million, without its cargo of fuel oil, and carried a crew of 25. The hijackers probably paid a big percentage of the ransom to the network of people that negotiated the deal and got most of the money (in cash) back to Somalia. That kind of payday certainly encouraged the pirates to keep at it. There have been 41 reported pirate attacks off the Somali coast in the last year.

 


Article Archive

Sea Transportation: Current 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 1999 


X

ad
0
30

Help Keep Us Soaring

We need your help! Our subscription base has slowly been dwindling. We need your help in reversing that trend. We would like to add 30 new subscribers this month.

Each month we count on your subscriptions or contributions. You can support us in the following ways:

  1. Make sure you spread the word about us. Two ways to do that are to like us on Facebook and follow us on Twitter.
  2. Subscribe to our daily newsletter. We’ll send the news to your email box, and you don’t have to come to the site unless you want to read columns or see photos.
  3. You can contribute to the health of StrategyPage. A contribution is not a donation that you can deduct at tax time, but a form of crowdfunding. We store none of your information when you contribute..
Subscribe   Contribute   Close