Tuesday April 16, 2024
MOGADISHU (HOL) — Somali pirates have released the MV Abdullahi, a Bangladeshi-flagged freighter, after receiving a $5 million ransom, according to statements from two of the pirates involved.
The vessel was en route from Mozambique to the United Arab Emirates when hijacked approximately 600 nautical miles east of Mogadishu in March.
Authorities confirmed that the ransom was delivered two nights ago. A video circulating on social media shows a small aircraft air dropping a bag near the ship, purportedly containing the money. Abdiashid Yusuf, a pirate involved in the hijacking, detailed their process to Reuters. "After confirming the money's authenticity, we distributed it among our teams and then escaped, steering clear of government forces," Yusuf stated.
The $5 million ransom to free the hijacked ship MV Abdullah and its crew from pirates off the coast of Somalia was arranged by a marine insurance company headquartered in the United Kingdom, also known as a P&I club in the industry. The International Group is a non-profit association of 12 P&I (Protection and indemnity insurance) Clubs that provide marine liability coverage for 90% of the world's ocean-going tonnage. These clubs operate as mutual associations and are owned by their members.
The release marks another incident in a recent surge of piracy off the Somali coast, a region notorious for such attacks. Since late November, pirates have targeted over a dozen ships, a significant uptick linked to decreased naval patrolling in the area. Security experts point to a shift in focus to the Red Sea, where international forces are now more concerned with threats from Yemen's Houthi rebel group.
The World Bank estimates that between 2005 and 2012, pirates in this region collected between $339 million and $413 million in ransom payments. This lucrative practice had seen a decline but appears to be resurging as naval priorities shift.
Following the hijacking, Puntland security forces intensified efforts to pursue the pirates, who are believed to be hiding along the coastal stretches. Despite these efforts, the pirates remain at large after abandoning the MV Abdullahi.
The vessel, owned by the KSRM Group, was carrying coal at the time of the hijack. Post-negotiations led by SR Shipping, part of KSRM's maritime division, secured the ship's release and its 23-member crew. "We reached an agreement with the pirates," said Mizanul Islam from SR Shipping, who remained reticent about the specifics of the ransom. He reassured that all crew members were safe and accounted for following the ordeal.
The MV Abdullahi has since continued its voyage to the UAE, and two warships escorted it to ensure its safe passage.
This incident underscores the persistent risk in the region and the complex challenges faced by shipping companies operating near the Horn of Africa. Despite international efforts to secure these waters, piracy remains a formidable threat that disrupts major shipping routes and endangers lives.