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COMMENTS: Cost of Doing Business
Only ABC had a correspondent on the scene in east Africa. Jim Sciutto was in Mombasa with the crew of the Alabama. The foiling of this lone act of piracy had done little to assuage the fears of others preparing to leave port. Sciutto told us of a German freighter heading for Oman that was charting a course 1,000 miles farther out to sea to avoid pirate-infested waters. From Washington, CBS' Lara Logan put the pirate threat in context. In 2008, there were fewer than 300 incidents of piracy on all the globe's oceans: "Even the highest estimates put the total cost of piracy--from ransoms to patrols--at $50bn worldwide. That does not compare to the costs of the ships or the value of their cargo." She estimated that at $8tr.
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