The Economics of Somali Counterpiracy: Assessing Counterpiracy Measures for International Shipping Companies
The motives for and means to eradicate Somali piracy have been thoroughly discussed by academics, practitioners, policymakers, and research institutions. And for good reason, not only have the number of attacks been a concern but pirates have also become more aggressive and are active over a wider area of the world’s oceans. Somali pirates have used the Bab al-Mandeb as a vulnerable avenue and clandestine source of revenue much to the detriment of the maritime shipping industry and global commerce. This chapter provides solutions for the shipping industry that rely on the free flow of maritime commerce to fuel the global political economy for companies and states alike. It also promotes ways to protect lives and cargo by providing a cost-benefit analysis of each of the most often used counterpiracy measures.