Tuesday, March 8, 2011

Help Wanted: Economist needed by Somali Pirates to help with peak load ransom pricing. Experience piloting deep sea cargo ships is a plus...

Hostage Oversupply in Somalia?  Pirates Negotiate Better Deals to Free Up Space

Somali pirates may have reached their limit, at least for now. Security agencies have suggested that Somali pirates are willing to negotiate lower ransoms to release ships they have seized -- because they are running out of room.

Somali pirates have made large swathes of the Indian Ocean a no-go area, but lately they've become victims of their own success. Security agencies report that pirate groups are more willing to negotiate the release of captured vessels lately -- in large part, experts believe, because their ports at Haradheere, Eyl and Hobyo are choked up with ships.

The pirates are reportedly looking for quicker deals, and seem willing to accept lower ransoms, if it means the ships can be moved on...

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