Each Somali pirate earns around US$79,000 per annum

Each Somali pirate earns around US$79,000 per annum
 
Sabir Shah
 
LAHORE: The ruthless Somali pirates earn up to US$79,000 each year or an amount approximately equivalent to Pakistani Rs 6.8 million per annum.

Quoting a study undertaken by an eminent political and economic intelligence consultancy company Geopolicity, a prestigious British daily "The Independent" had reported in its April 17, 2011 edition that the $79,000 per annum earning of Somali pirates was more than 150 times their country's national average wage of $500.

The newspaper had reported: "Somali piracy was worth $238 million last year and is set to rise to $ 400 million by 2015. The costs of piracy could virtually double in that time -- from $83 billion in 2010 to more than $ 15 billion (£9.1 billion) by 2015. The continued growth of piracy, fuelled by organised and armed gangs using mother ships to enable them to attack further afield, could see the numbers of pirates, estimated to be at least 1,500, rise by up to 400 a year."

The Independent added: "Somali pirates, typically armed with AK-47 assault rifles and rocket-propelled grenades, have become increasingly violent in recent months, killing and injuring dozens of hostages. Piracy has soared in the past five years, from 276 incidents in 2005 to 445 in 2010."

The newspaper further viewed: "Attacks for the last quarter were at an all-time high, according to statistics from the International Maritime Bureau. There were 142 attacks between January and March 97 off the coast of Somalia up from 35 in the same period last year. Pirates seized 18 vessels worldwide, capturing more than 340 hostages in attacks in which seven crew members died and 34 were injured."