Oceans Beyond Piracy has launched the fourth installment of its annual reports detailing the economic and human costs of African maritime piracy. The study, "The State of Maritime Piracy 2013," examines the costs incurred as a result of piracy occurring off the coast of Somalia, as well as in the Gulf of Guinea.
Overall cost of Somali piracy is down around 50% from 2012.
Attacks carried out by Somalia-based pirates continued multi-year decline; only 23 vessels were attacked. However, regional seafarers still at high risk.
The international community spent an estimated $139.1 million to deter each attack that took place in 2013.
Despite significant progress in the fight against Somali piracy, the remaining 54 hostages have been held for an average of almost 3 years.
Attacks in West Africa in 2013 were much more frequent than those by Somali pirates.
Attacks in the Gulf of Guinea are more violent than attacks in East Africa.
Longer term affects on seafarers subjected to violence is hard to determine based on a lack of reporting and assessment.