# Somali Pirates Collect $5 Million Ransom After Releasing

Somali Pirates Collect $5 Million Ransom After Releasing Bangladeshi Cargo Ship


In a dramatic development signaling the resurgence of piracy off the coast of Somalia, a band of Somali pirates has secured a $5 million ransom payment, the highest amount in over a decade, after releasing the crew of the Bangladeshi cargo ship MV Abdallah, according to Horseed Media.

The pirates boarded the MV Abdallah on March 12th, 2024 while it was sailing in the Indian Ocean. They held the 23 crew members hostage for over a month before finally disembarking the vessel over the last two days in two separate groups.

Horseed Media learned that the pirates divided into two groups, with the first group disembarking the ship on Saturday while the latter group disembarked last night after making sure the $5 million ransom was in their hands. No pirates were arrested.

“The money was brought to us two nights ago as usual… we checked whether the money was fake or not. Then we divided the money into groups and left, avoiding the government forces,” Abdirashiid Yusuf, one of the pirates, told Reuters.

The successful $5 million ransom payment represents a windfall for the pirates who have struggled to carry out profitable hijackings in recent years due to increased security efforts. Experts fear the massive payday could embolden the pirates and finance additional attacks on commercial vessels.

“This $5 million ransom is the highest sum paid to Somali pirates in over 10 years. It provides them with resources to regroup and rearm for further acts of piracy,” said maritime security analyst Ahmed Keynaan.

The pirates are believed to have taken refuge in the semi-autonomous Puntland region of Somalia with their illicit gains. The dramatic hostage saga underscores the persistent dangers of piracy despite a decade of anti-piracy operations.