The continuing success, increased violence and escalating costs associated with combatting piracy are driving new industry initiatives and equipment, as well a hardening of tactics and attitudes.
IMO's action plan for 2011 has six (6) prime objectives
1. Increase pressure at a political level to secure the release of all hostages being held by pirates.
2. Review and improve IMO guidelines to administrations and seafarers, and promote compliance with industry best management practice, also the recommended preventive evassive and defensive measures which ships should follow.
3. Promote greater levels of support from, and coordination with navies.
4. Promote anti-piracy coordination and cooperation procedures between and among states, regions, organizations and industry.
5. Assist states to build capacity in piracy infested regions of the world, and elsewhere, to deter, interdict and bring to justice those who commit acts of piracy and armed robbery against ships.
6. Provide care for those attacked or hijacked by pirates and for their families.
The total cost of piracy
Cost factor Cost (in US$)
Ransoms (excess cost) 148 million
Insurance premiums 460 million to 3.2 billion
Re-routing of ships 2.4 to 3 billion
Security equipment 363 million to 2.5 billion
Naval forces 2 billion
Prosecutions 31 billion
Anti-piracy organizations 19.5 million
Cost to regional economies 1.25 billion
TOTAL ESTIMATED COST 7 to 12 billion
Source: Tanker Shipping & Trade Feb/March 2011