>>The Pirates' Toll, Part 1
>>The Pirates' Toll, Part 3
>>The Pirates' Toll, Part 4
Within the insular maritime-shipping community, disagreement reigns on the question of whether Somali piracy has levied any real cost on the business of moving goods across the oceans -- or whether it threatens to do so. The answers depend on who you talk to, and the more they talk, the more the notion of risk elides.
"It's no big deal -- insurance covers it," says the shipping investment specialist at a well-known New York fund."Put it this way: shipping companies aren't overly concerned about rising costs because of piracy," says the shipping-industry stock analyst at Jeffries & Co. The maritime lawyer says: "It's putting a lot of pressure on costs at a time when the market is still quite depressed from where it was 18 months ago. Either you pass on those costs or it drops to the bottom line."
The hostage crisis James Christodoulou supervised for 56 days between Thanksgiving 2008 and late January 2009 has transformed him, a year later, into a bankable expert on all things piracy. In the aftermath of the hijacking of his company's ship, the MV Biscaglia
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