Middle East Economic Survey

VOL. LIV

No 16

18-Apr-2011

REGIONAL

Somali Pirates Release Greek Super-Tanker After Record Payout

Fifty-eight days after a Greek-flagged tanker loaded with 270,000 tons (2mn barrels) of crude oil was seized off the coast of Oman by armed Somali pirates (MEES, 14 February), the vessels manager revealed that the Irene SL had been released. This was after its owners, NS Lemos & Co, agreed to pay a record-breaking $13.5mn in ransom money. It gives us great joy and...