Research Somali Pirates Ransom And Insurance Payments Problems

In recent years, Somali pirate is becoming increasingly rampant. They occupiedthe Gulf of Aden the maritime traffic artery, looting passing merchant ships, gettingcontrol of the ships’ crew and threatening for a great deal of ransom. Somali Pirate isfar more terrible in comparison of the traditional pirates. They are not only wellarmed, well connected and well organized, but also much more greedy than thetraditional pirates, whom simply take control of the ship or the good for its value. Inthe existing maritime regime, which solution is the most suitable to this problem ofransom loss?In practice, the shipowners are more inclined to announce the general averageafter the ship pays the ransom and reached the harbor in safety, and let each benefitedparty share the loss of the ransom. Some cases in UK are that the ransom loss aretreated as maritime salvage cost and be compensated by means of salvage reward. Butby research of this article, material problems are met with the inner logic of these twosystems.This article aims at analyzing the nature and features of the Somali pirates and itsransom, and find a suitable way to solve the problem by comparison of the ransom,the general average cost and the maritime salvage costs.