Middle East Economic Survey


No 47



Pirates Release Korean Oil Tanker For Record Ransom

The oil tanker Samho Dream has been released by Somali pirates after payment of a record ransom of close to $9.5mn, following months in captivity off the Somali coast. The South Korean-owned vessel was hijacked by pirates in the Indian Ocean on 4 April while in transit from Iraq to the US, carrying a cargo of crude oil estimated at 1.5bn barrels and worth $170mn as well as a...