Gulf of Aden piracy costs Yemen $350M

SANAA, Yemen, July 15 (UPI) -- Piracy in the Gulf of Aden has cost Yemen $350 million, a sum that includes $200 million in losses suffered by fishermen, official documents indicate.

Government reports cited Wednesday by Saba, Yemen's official news agency, showed that direct government losses from maritime piracy amounted to $150 million. Also included in the total was costly piracy insurance purchased for ships that ply the pirate-infested gulf waters.

Saba said Yemen has moved to secure its regional waterways despite dealing with a fragile economy, using scarce funds to enhance its marine forces by building security centers along its coast and by purchasing boats worth more than $150 million.

The news agency said Yemen is working with the nations of the Indian Ocean Rim Association for Regional Cooperation to establish an anti-piracy center in the capital, Sanaa, which was discussed at a recent IORARC meeting on security in the Gulf of Aden.