Piracy presntation mick hanley

PIRACY

PIRACY THE REALITY

DEFINITION

Definition:

An act of boarding or attempting to board any ship with the intent to commit theft or any other crime and with the intent or capability to use force in the furtherance of that act.”

FACTS & FIGURES 2011

• 439 REPORTED PIRACYS ATTACKS

• 275 OFF SOMALIA & GULF OF GUINEA

• 802 CREW MEMBERS TAKEN HOSTAGE

• 8 CREW MEMBERS ACTUALLY KILLED

2011 PIRACY ATTACKS

28TH FEBRUARY 2012

• 62 ATTACKS WORLDWIDE• 6 VESSELS HIJACKED

• 12 VESSELS HELD WITH• 177 HOSTAGES

ATTACKS SE ASIA/INDIAN SUB CONTINENT

10 – ATTACKS REPORTED IN BANGLEDESH

46 – ATTACKS IN INDONESIA WITH 41 VESSELS BOARDED

13 – ATTACKS IN THE SOUTH CHINA SEA

INDIA ITSELF

• 13 LARGEST IMPORTER IN THE WORLD• 90% OF ITS TOTAL TRADE BY VOLUME &• 70% BY VALUE TRANSPORTED BY SEA

• US $ 110 BILLION OF INDIAN TRADE TRANSITING THROUGH THE GULF OF ADEN

THE COST

INTERNATIONAL COMMUNITY

• IN 2010- 2011 – USD $ 4.9 – 8.3 BILLION

• Rising to

• USD $ 13 – 15 BILLION BY 2015

SOLUTIONS

• COAST GUARD/NAVY PATROLS• RISK ASSESSMENTS – SHIP OWNERS/MASTERS• SHIP SECURITY PLANS• RELEVANT & SUITABLE TRAINING• VESSELS HARDENING EQUIPMENT• PRIVATE SECURITY PROVIDING EXPERIENCED

& QUALIFIED VESSEL PROTECTION TEAMS

SUMMARY

Pirates would appear to be the very essence of rational profit maximizing entrepreneurs described in neo classical economics:

Expected profits determine decisions based on information available. The supply of pirates, therefore, is closely related to the expected benefits of being a pirate and the associated risk adjusted costs.

We ignore them at our peril!!!!!!