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Maritime piracy – the challenge of providing long-term solutions

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  • Stephanie Jones

    (Dr Stephanie Jones, Associate Professor, Organizational Behavior, Maastricht School of Management)

Abstract

Purpose: The cost of global piracy has been estimated at $15-25 billion. During 2011, piracy reached an all-time high, but decreased in 2012. Although piracy remains an ongoing threat to world trade and raises commodity costs, piracy activity is being reduced; but the complete resolution of the issue is still challenging. Methodology: Based on a literature review of formal and informal published sources, this exploratory article attempts a diagnostic evaluation of the challenges facing shippers, shipowners, ships, crews – and governments, industry associations, and insurers – and their attempts at combating this worldwide scourge. Findings: Most attempted solutions currently in force are preventative measures on a ship-by-ship basis, and piecemeal efforts by specific shipping companies and insurers. There is widespread recognition that the piracy problem needs to be tackled at source through „following the money‟ – outlawing pirate warlords – and through united international initiatives, but in reality neither of these developments are taking place.Practical implications: The huge cost to the consumer continues, with an overall lack of appreciation of the need to make a cost-benefit analysis of the value of concerted international efforts to stem piracy. Originality: most articles in this field consider specific anti-piracy efforts in particular locations by certain organizations, without an overall analysis of how the piracy issue could be fundamentally tackled. There is a gap in the literature for an up-to-date, analytical study of maritime piracy worldwide, especially given the dramatic nature of the changes over the last 12-18 months.

Suggested Citation

  • Stephanie Jones, 2013. "Maritime piracy – the challenge of providing long-term solutions," Working Papers 2013/15, Maastricht School of Management.
  • Handle: RePEc:msm:wpaper:2013/15
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    File URL: http://web2.msm.nl/RePEc/msm/wpaper/MSM-WP2013-15.pdf
    File Function: First version, 2013
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    More about this item

    Keywords

    maritime piracy; shipping; world trade; commodities;

    JEL classification:

    • A1 - General Economics and Teaching - - General Economics
    • F1 - International Economics - - Trade
    • F4 - International Economics - - Macroeconomic Aspects of International Trade and Finance
    • R4 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Transportation Economics

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