The Economic Cost of Maritime Piracy 2010

Key Findings

At the end of 2010, around 500 seafarers from more than 18 countries are being held hostage by pirates. Piracy clearly affects the world’s largest trade transport industry, but how much is it costing the world? One Earth Future (OEF) Foundation has conducted a large-scale study to quantify the cost of piracy as part of its Oceans Beyond Piracy project. Based on our calculations, maritime piracy is costing the international economy between $7 to $12 billion in 2012. This project is designed to be a collaborative effort, and we welcome feedback and suggestions from stakeholders concerned with the issue of maritime piracy. We hope that it will be a useful tool for analysts and policy makers working towards solutions to piracy.