Monday, October 06, 2008


While world economy is in shambles, Puntland is an exception where fancy houses are being built, expensive cars and electronic gadgets are being bought. Land of starving people is thriving with new found wealth. Source of this wealth is fast growing Piracy industry. Annual budget of Puntland was about $20million and their piracy yield was about $30million last year. To the Clan's pride and world's envy, "A black balance sheet".

A country, where people find little to cover their asses, pirates put on ties and smart clothes. They move in land cruisers with their laptops and are designated as superintendents( "Emir"), generals, accountants and chief negotiators. Going rate of ransom is usd1mill to usd2million. P & I clubs are scavenging on pirate's predation. They have hiked their premiums by 7-10 folds for passing the area.

Poverty has been abused (yet again) in this part of the world and world shipping has been the victim. Long live Human civilization as tenth century Vikings are back with vengeance.