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The Economics of Somali Piracy

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On May 5, 2009 the MV Victoria was sailing off the Gulf of Aden with a shipment of rice destined for Saudi Arabia when it was seized by Somali pirates. The crew of 11 Romanians then endured 75 days in captivity. After tense negotiations between the pirates and shipping company the shipping company agreed to pay a $1.95 million ransom (which was delivered by airdropping a package into the sea.)
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