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One Earth Future Working Paper December 2010
At the end of 2010, around 600 seafarers from more than 18 countries are being held hostage by pirates. Piracy clearly affects the world’s largest trade transport industry, but how much is it costing the world? One Earth Future (OEF) Foundation has conducted a large-scale study to quantify the cost of piracy as part of its Oceans Beyond Piracy project. Based on their calculations, maritime piracy is costing the international economy between $7 to $12 billion,2 per year.
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