Piracy a ‘perfect business model’

Pirates are making millions of dollars a year in what has become a highly organised business involving a wide range of people, the BBC was told recently.
Wing Commander Paddy O’Kennedy, speaking on behalf of EU NAVFOR, told the BBC, “What we are dealing with here is a business model that is so good, that for a matter of tens of thousands of dollars you can put together a pirate action group, you can send it to sea and if you are lucky and hit the jackpot, you can come back with a vessel that within six months will bring you a return of nine-and-a-half million dollars.”

Pirates are making millions of dollars a year in what has become a highly organised business involving a wide range of people, the BBC was told recently.
Wing Commander Paddy O’Kennedy, speaking on behalf of EU NAVFOR, told the BBC, “What we are dealing with here is a business model that is so good, that for a matter of tens of thousands of dollars you can put together a pirate action group, you can send it to sea and if you are lucky and hit the jackpot, you can come back with a vessel that within six months will bring you a return of nine-and-a-half million dollars.”
“And we (EU NAVFOR, the European Union naval force operating anti piracy patrols) are the first to admit we are not deterring piracy,” he said.
Observers have become convinced that Somali piracy is no longer a matter of a number of Somali fishermen going to sea in the hope of capturing a small ship and crew that can be held for ransom. Instead there are now investors, accountants, lawyers, political or social leaders on the land, gun merchants and even possibly persons working within the shipping industry that are aiding and abetting piracy; even to the effect of arranging and organising the strikes against selected ships.
According to some reports pirates specifically targeted the attack on the tanker SAMHO JEWELRY recently. The Korean tanker came under attack shortly after pirates received a ransom of US$ 9.5 million for the release of another Samho supertanker, the 319,360-dwt SAMHO DREAM. Pirates captured by South Korean security forces who retook the Samho Jewelry are reported to have admitted that they planned an attack on the ship for more than a month before the event, and even underwent special training to hone their skills. This claim has however not been confirmed.