Strategy

Pirates Lower Ransom

Is the global credit crunch squeezing pirates? The Somali pirates who are holding the Saudi oil tanker Sirius Star, which they captured in the largest hijacking in maritime history, have reduced their ransom demand from $25 to $15 million. Also, according to The Guardian, the head of an Islamist militia "said some men were out to confront the pirates and release the Saudi supertanker because it was 'Muslim.'" On Friday, a pirate spokesperson warned of "disastrous" consequences if ransom was not paid within 10 days.