Gemini: four South Korean sailors ransomed

"The four Korean crew members of the MT Gemini have been released," the Korean Foreign

Ministry said in a statement, adding the sailors were being taken to safety aboard a South Korean navy ship.

The release followed an agreement between Singapore firm Glory Ship Management which owns the MT Gemini and the pirates, it said without elaboration.   The foreign ministry official as saying that the ministry had assisted in ransom talks between the boat's owner and the pirates, but declined to say how much had been paid for their release.

[December 2 '11]

The product: tanker with 28,000 metric tonnes of crude palm oil pays 6 million ransom.
The actual pirates, from the Sacad (Hawiye) clan claim to have received $4 million plus, others, including commander Mohamed Garfanje, presumably took the rest. The original demand was for $5 million. Four Korean crewmen are being held as hostages for pirates killed by South Korea in retaking the supertanker Samho Dream in April. $4.00 million is the demand.
Captain Pak Hyeon of the South Korean-managed, Singapore-flag hijacked Gemini IMO: 8412352 is among the Koreans being held.

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Hoàng Sơn Sun: "complete horror"

"We had to pay the pirates $2.6 million. The money was from our own company," said the shipping firm which has an office in the northern port city of Haiphong.
After a meeting with a British company which specializes in maritime hostage negotiation on 25.Jan.2011, Hoang Son, vice director of Hoàng Sơn Co Ltd had estimated the ransom would be $5 million

The Hoang Son Sun was carrying 21,000 tons of iron ore when it was attacked about 520 nautical miles South-East of Muscat, Oman on January 17.

May Hung Bui Thai since the days of detention.

After running some distance, the robbers asked the ship anchored about three nautical miles from shore, the crew then began calling the family company to report the incident and demanded ransom.Also from that day, his life is the day you complete horror. google

earlier

Irene SL: USD 13.5 million ransom, pirates claim

USD 13.5 million ransom was paid for the Irene SL. silver fox


The Irene SL’s cargo of Kuwaiti crude oil represents nearly 20% (one fifth) of total U.S. daily crude oil imports. This one cargo is 12% of all oil coming out of the Middle East Gulf each day, and 5% of total daily world seaborne oil supply. here

Irene SL: bumper profits on marine K and R

The Irene SL’s cargo of Kuwaiti crude oil represents nearly 20% (one fifth) of total U.S. daily crude oil imports. This one cargo is 12% of all oil coming out of the Middle East Gulf each day, and 5% of total daily world seaborne oil supply.

"Underwriters are paying far more attention to the security measures taken by owners. We can negotiate a discount off the price of financial protection against attacks by Somali pirates for those measures being put in place."

The most widely used on-board defenses against piracy include razor wire and so-called citadels - secure rooms with communications equipment into which crew members can retreat while remaining in control of the vessel until naval forces arrive.
Ship owners typically buy marine kidnap and ransom cover in the Lloyd's of London market, insuring themselves against the cost of raising and delivering multi-million dollar ransom payments.insurers are likely to step up their demands that ships operating in pirate-infested waters take physical precautions against attacks. Hiscox is the biggest provider of marine K and R in the Lloyd's market. In 2006 Hiscox plc moved its country of domicile from the United Kingdom to Bermuda, adopting the new name Hiscox Ltd
Insurers are reluctant to disclose the size of marine K and R premiums or claims for fear that pirates will use the information to set their ransom demands, with any increase potentially setting off an inflationary spiral.
Prices initially rose strongly in the face of strong demand before levelling off last year because of increased competition as more insurers entered the market, attracted by the bumper profits on offer.