tiating a piracy operation in much the same way as any other start-up business would begin-"with venture capital" (Joffe-Walt, 2009). Then, like any other business, the piracy operation acquires provisions-speedboats, weapons, and a caterer to supply food for the voyage (Joffe-Walt, 2009). Pham advises that people "think of it as everything you would need to go into the cruise ship business...short of the entertainment" (Joffe-Walt, 2009). Since Somalia is a poor and lawless nation with a high rate of unemployment, finding a crew is easy, but choosing the right target is a matter of intensive scrutiny (Joffe-Walt, 2009). Moreover, pirates today often use professional negotiators to help them obtain sufficient ransom for the hostages they take (Joffe-Walt, 2009).
The financial losses associated with modern piracy worldwide are estimated at as much as $16 billion, but the figure could be much higher because most carriers avoid reporting piracy incidents to prevent an increase of up to 30%
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