Monday, January 12, 2009

Pirates release oil tanker! But the ransom's more about getting the crew back than the crude back


The Pirates released the Saudi supertanker (carrying the equivalent of nearly one day's production of Saudi oil) over the weekend. The payment they received: a measly $3 million. Though hijacking an oil tanker ratcheted up the world's attention (and media coverage) to their acts, apparently oil doesn't fetch much ransom--given the fact that there's plenty more of it coming out of the ground, for now. (The $3 million was probably more about getting the crew back than the crude back.)


Still I was wrong in my prediction that they wouldn't get a cent for the tanker.


Ironically, several of the tanker pirates then drowned in rough seas during their escape to land. The body of one washed ashore with $153,000 in his pocket.