The Economic Cost of Piracy

Oceans Beyond Piracy (OBP), a project of the One Earth Future foundation (OEF) is pleased to present its third annual assessment of the Economic Cost of Somali Piracy 2012 (ECoP 2012). This year’s assessment, like the one before it, considered nine separate, first order cost categories and found that maritime piracy cost the global economy between $5.7 and $6.1 billion in 2012. Our estimate is the result of extensive research, supplemented by contributions from and an extensive audit by independent piracy experts. At between$5.7 and $6.1 billion, the cost of piracy to the global community fell by around $850 million, or 12.6% from 2011.

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