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2008-11-21 -Lurid Crime Tales-

Kenya: Somali pirates make $150M in a year

Somali pirates have collected more than $150 million in ransoms over the past year, Kenya's foreign affairs minister said Friday, calling on ship owners not to pay when their vessels are hijacked.

In the past two weeks Somalia's increasingly brazen pirates have seized eight vessels including a huge Saudi supertanker loaded with $100 million worth of crude oil. Several hundred crew are now in the hands of Somali pirates.

"We are advised that in the last 12 months, ransom to the excess of $150 million has been paid to these criminals and that is why they are becoming more and more audacious in their activities," Kenyan Foreign Minister Moses Wetangula said.

Saudi Arabia's foreign minister said Friday that the Saudi government was not and would not negotiate with pirates, but what the ship's owners did was up to them.

Meanwhile, the world's largest oil tanker company warned that it may divert cargo shipments, which would boost costs up to 40 percent. Frontline Ltd., which ferries five to 10 tankers of crude a month through the treacherous Gulf of Aden, said it was negotiating a change of shipping routes with some of its customers, including oil giants Exxon Mobil, Shell, BP and Chevron.

Martin Jensen, Frontline's acting chief executive, said that sending tankers around South Africa instead would extend the trip by 40 percent. Bermuda-based Frontline plans to make a decision whether to change shipping routes within a week, Jensen said.

Posted by ed 2008-11-21 10:38|| || Front Page|| [11131 views ] Top

#1 Ya know.. the market has been bad lately...
What's their stock symbol?
YAR?

Posted by 3dc 2008-11-21 12:03|| 2008-11-21 12:03|| Front Page Top

#2 hahahha

Posted by .5MT 2008-11-21 13:14|| 2008-11-21 13:14|| Front Page Top

#3 I happen to know Martin Jensen.

Tanker lease rates had plunged up until a few weeks ago. They are doubtless soaring again on the prospect of routing them around the Cape. It's an ill wind that doesn't blow well for someone.

Posted by phil_b 2008-11-21 15:30|| 2008-11-21 15:30|| Front Page Top

#4 $150M?

You have to get that up there a bit higher to afford the lobbyists and the lawyers to get a Federal Judge to issue a restraining order on anything less than full Maranda, probable cause requirements, and complete due process that any American would be entitled to. You might be able to get a injunction against using helicopters and craft moving more than 10 knots because of the hypothetical detrimental effect upon some rare and unusual Red Sea critter. Check the Washington yellow pages or Google on line for lobbyist/lawyer near you.

Posted by Procopius2k 2008-11-21 17:20|| 2008-11-21 17:20|| Front Page Top

#5 We have pirates in the States also. They are in Washington in the Congress.

Posted by Bill Angains8020 2008-11-21 18:36|| 2008-11-21 18:36|| Front Page Top

#6 hell i'm beginning of thinking about becoming one since the wife just laid off

Posted by chris 2008-11-21 19:56|| 2008-11-21 19:56|| Front Page Top

02:03 Grom the Affective
02:03 Grom the Affective
02:01 Grom the Affective
01:34 Grom the Affective
00:22 Anguper Hupomosing9418