Cost of Somali piracy down by half: report

[LONDON] The cost of Somali piracy to the global economy fell by almost half last year as the number of attacks slumped, but piracy in West Africa was on the rise, an annual security report said.

The Oceans beyond Piracy report put the total cost of Somali piracy - by far the largest single threat to international shipping in recent years - at only US$3.2 billion in 2013.

There were still at least 50 hostages in Somali captivity in desperate conditions, held on average for most three years each, the report said on Wednesday.