Piracy Leaves Us With No Alternatives - Teekay

April 21, 2011

Teekay, through its membership of INTERTANKO, has been active in protecting our seafarers and vessels and we take the issue of piracy very seriously. That is why we are fully supportive of the launch of the Save Our Seafarers Campaign, supported by the whole shipping industry. There is no question piracy is a serious issue facing the shipping industry. We hear about the staggering numbers:

$238 million total collected in ransom in 2010
$5.4 million average paid for ransom in 2010
~700 people are currently be held for ransom
~$7 to $12 billion cost to the economy each year

A recent Bloomberg article explores the challenges of paying pirates ransom, but there are no alternatives. What can be done? If you ask Graham Westgarth, real action is needed by national governments to combat piracy. “The government is not providing the industry with any other alternative,” Graham Westgarth, president of Teekay Marine Services, a unit of Hamilton, Bermuda-based Teekay Corp., the world’s biggest oil-tanker owner. “Over the years, 80 percent of the pirates have been captured at some point, and 90 percent of that 80 percent have been released.” Bloomberg Article, April 21, 2011 To learn more about the campaign and how you can support, visit www.saveourseafarers.com http://www.youtube.com/watch?v=24wbUjbeojE&feature=youtu.be