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In November, a Greek-flagged oil supertanker, traveling from Saudi Arabia to New Orleans, was hijacked in open water, hundreds of miles (kilometers) off the Somali coast. It was traveling with no escort because warships patrolling the dangerous waters were stretched too thin. It was eventually freed after a $5.5 million ransom was paid. In November 2008, a Saudi tanker's hijacking led to heightened international efforts to fight piracy off the Horn of Africa. A $3 million ransom secured the return of the ship. The Samho Dream can carry approximately 260,000 tons of crude oil, said an employee at Samho Shipping, who asked not to be named due to the sensitivity of the issue. That would be about 1.9 million barrels, which at current oil prices is worth approximately $160 million. Valero Energy Corp., an oil and gas refining company based in San Antonio, Texas, said it owns the cargo on board the tanker, but could not confirm the hijacking.
"We've had reports to that effect, but there's been no official confirmation," said Bill Day, a spokesman for Valero. But, he added, "Everything points to that." Since 2006, four South Korean vessels have been hijacked by Somali pirates, with some being held for months, though all were eventually released. Somalia has not had a functioning government since 1991 and its lawless coastline is a haven for pirates. Multimillion-dollar ransoms have become a way to make money in the impoverished nation.
[Associated
Press;
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