The Economic Impact of Maritime Piracy in the Gulf of Aden: challenges and implications



D'agostini, Enrico;Ryoo, Dong-Keun;Jo, So-Hyun

  • 투고 : 2015.09.11
  • 심사 : 2015.10.27
  • 발행 : 2015.10.31


The purpose of this paper is to analyze maritime piracy and its economic implications with particular attention to attacks registered in the Gulf of Aden, The paper also aims to investigate how the International community, along with Sovereign States, should allocate resources in order to make the seas a safer place and describe how closely inter-related maritime piracy, preventive and punitive measures put in place by Governments are. Elements of economics and ergonomics are taken into account in order to properly investigate the major legal issues relating to maritime security. The paper proposes a cost-benefit analysis in order to investigate in theory what is the rationale behind engaging in criminal behavior and recommend some solutions to the issue to be undertaken by the International community. It is concluded that in order to cost effectively fight piracy, a mix of more coordinated National and International laws, standardized and increased punishment levels among jurisdictions and extended patrol controls are needed.


Maritime piracy;Criminal behavior;Economic Impact;cost-benefit analysis;preventive and punitive measures


  1. Anele, K. K.(2015),"Taming the Tide of Maritime Piracy in Nigeria's Territorial Waters", Journal of Korean Institute of Navigation and Port Research, Vol. 39, No. 2, pp. 89-97.
  2. Becker, G. S.(1968), "Crime and Punishment: An economic approach", Journal of political economy, pp. 169-217.
  3. Beckman, R.(2012), Cooperation to Combat Piracy in Southeast Asia, Draft Paper for International Seminar on the Law of the Sea in 2012.
  4. Begg, D., Fischer, S., Dornbusch, R.(1984), Economics. England, McGraw-Hill Limited.
  5. Bowden, A.(2011), The economics of Piracy. Pirate Ransoms & Livelihood off the coast of Somalia. Geopolicity's.
  6. Bowden, A., Hurlburt, K., Aloyo, E., Marts, C. and Lee, A.(2010), The Economic cost of piracy. One Earth Future Working Paper.
  7. Brandon, John J.(2000), High-seas Piracy is Booming. It's Time to Fight Harder. Christian Science Monitor. 27 December.
  8. Bulkeley, J. C.(2003), "Regional Cooperation on Maritime Piracy: a Prelude to Greater Multilateralism in Asia?", Journal of Public and International Affairs. Vol. 14.
  9. Chang, D.(2010), "Piracy Law and the Effective Prosecutions of Pirates", Boston College International and Comparative Law Review, Vol. 33, Issue 2, Article 3.
  10. Choi, S. Y., Lee, Y. C., Hong, S. Y and Park, J. K.(2005), "A Study on the Legal Liabilities and Countermeasures against Piracy", Journal of Korean Institute of Navigation and Port Research, Vol. 29, No. 1, pp. 43-58.
  11. Fiornetini, G., Peltzman, S.(1995), The economics of Organized Crime. Cambridge University Press and CEPR.
  12. Gerts, M. G., Gould, L. C.(1995), "Fear of Punishment and the Willingness to Engage in Criminal Behavior", Journal of Criminal Justice, pp. 377-384.
  13. Helmick, J. S.(2015), Maritime Piracy and the Supply Chain. Maritime Logistics and Security Program, United States Merchant Marine Academy.
  14. Jeong, W. L.(2012), " A Study on the Development of Analysis Model for Maritime Security Management", Journal of Korean Institute of Navigation and Port Research, Vol. 36, No. 1, pp. 9-14.
  15. Kaplan, R.(2009), Anarchy on Land Means Piracy at Sea, New York Times, April 11, 2009.
  16. Kaprove, S. C.(2013), The Law and Economics of Piracy at Sea, Piracy at Sea, WMU, 2013.
  17. Kontorovich, E.(2012), The Penalties for Piracy: An Empirical Study of National Prosecution of International Crime, Northwestern University School of Law.
  18. Lee, E. B, Yun, J. H.(2005), "A Study on the Enhancement of Maritime Security in Korea Maritime Jurisdiction", International Journal of Korean Institute of Navigation and Port Research, Vol. 29, No. 7, pp. 623-630.
  19. Leeson, P.(2009), Piracy, economics and the law, CIP Report.
  20. Machin, S., Meghir, C. (2000), "Crime and Economic Incentives", The Institute for fiscal studies, wp 00/17.
  21. Madsen, J. V., Seyle, C., Brandt, K., Purser, B., Randall, H., and Roy, K.(2013), The state of Maritime Piracy 2013, Oceans beyond Piracy Report.
  22. Mbekeani, K. K., Ncube, M.,(2011), "Economic Impact of Maritime Piracy", Africa Economic Brief, Vol. 2, Issue 10.
  23. Menefee, S. P.(1986), Terrorism at Sea-The historical development of an International Legal Response. Paris, International Chamber of Commerce.
  24. Miceli, T. J.(2007). "Criminal solicitation, entrapment, and the enforcement of Law", International Review of law and Economics, pp. 258-268.
  25. Mukherjee, P. K., Mejia, M. Q., Xu, J.(2009), Ergonomics, Economics, and the Law: The international regime of Maritime Security, Malmo, Sweden, WMU Publications.
  26. Noble, R. K.(2010), Conference on Maritime Piracy Financial Investigations. Welcome address by Noble, INTERPOL Secretary General.
  27. Noh. S. D., Kim, C. S., and Park, S. H.(2012), "A Study on the Countermeasures for Securing Safety of Ship from Piracy Attacks", Journal of Korean Institute of Navigation and Port Research, Vol. 36, No. 4, pp. 273-278.
  28. Roach, J. A.(2004), "Initiatives to enhance Maritime Security at Sea", Marine policy, pp. 28,41-66.
  29. United Nations Convention on the law of the sea(UNCLOS)., Retrieved June29, 2010, from the World Wide Web:
  30. Wallis, K.(2010), U. S. ransom ban could drive up premiums. Lloyd's List, 29 April 2010.
  31. Xu, J.(2010), Law and Economics of Maritime Security, Unpublished lecture handout, World Maritime University, Malmo, Sweden.