Tuesday, June 2, 2009

The Costs of Piracy.

According to the Journal of Commerce, negotiating with pirates can backfire:
"The initial ransom demand — $3 million — was negotiated down to $1 million.

But by the time the ship, which was carrying a knockdown oil rig and a crew of four Russians and five Filipinos, was returned, Scan-Trans had spent $5 million."

And then try to get your insurers to cover some of this...

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