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2010-11-07 Africa Horn

Somali pirates pocket big cash for 2 floaters

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Posted by lotp 2010-11-07 00:00|| || Front Page|| [1 views ] Top

#1 In a war zone, shouldn't ships be flying their national flags? That should let ships which aren't interested in playing the pirates' game steam through unmolested, and leave the likes of the SoRKs and Singaporeans to play hide the ransom.

Posted by Bulldog 2010-11-07 02:52|| 2010-11-07 02:52|| Front Page Top

#2 In a war zone, shouldn't ships be flying their national flags?

Read up on the maritime industry. It's a rough and often shades-of-gray business.

As for 'ransom', the shipping companies view it as part of doing business. The shipping company incorporates each vessel as a separate business entity; the company is essentially a holder of the shares and charges each 'ship corporation' a fee for managing it. The less profitable/ethical shippers will set up the 'ship corporation' to have the bare minimum for insurance on the vessel, but will make sure there's a 'hostage' clause.

Posted by Pappy 2010-11-07 09:34|| 2010-11-07 09:34|| Front Page Top

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