Wednesday 24 December 2008

Pirates in pinstripes

That Somali-pirates-hijack-oil-tanker story appears to have disappeared off the front pages. So those who chose the option "Do nothing. How would they sell 2 million barrels of oil?" in my Fun Online Poll (17% of the votes) get a retrospective pat on the back.

Chucklesome is the fact that on 17 November, Brent Crude was trading at $50 a barrel; but it's now down to $37. I wonder, could the owners of the oil sue the pirates in the civil courts for their economic loss of $26 million? Would the pirates be able to claim that these damages should be mitigated by the fact that they were only asking for a $25 million ransom anyway, which they later dropped as low as $10 million, allegedly?

Maybe TFB can opine on this.

4 comments:

Anonymous said...

"I wonder, could the owners of the oil sue the pirates in the civil courts for their economic loss of $26 million?"

I'm sure they could find a firm who'd take it on!

Not sure what they'd do, assuming they won, with a leaky fishing boat, a handful of AK-47s and assorted ammunition, plus some half-chewed khat and a lame camel though.. ;)

Lola said...

It'll end up like the Woody Allen kidnap stand up routine where his parents are asking the kidnapper for a price to keep the kid and they are offreing money for him to be recovered.

Ooooo, if it wasn't for the misery of the crew (not at all acceptable) or the possibility that the pirates next action will be to threaten to sink it / blow it up and cause a pollution nightmare for someone (us?) if not paid a significant sum, it would be funny.

TheFatBigot said...

No doubt there would be a claim but how would they enforce it? Somehow it seems unlikely the pirates have mansions in St Johns Wood and boats in Chichester Marina, so there might be a judgment for any number of millions of dollars but not a bean would be paid. Very much a bah humbug outcome.

Mark Wadsworth said...

OK, the answer to my first question is obviously 'No', but if it were 'Yes', what's the answer to my second question? What about the counter-claim for mitigation of damages?