Ship-Owners and the Twenty-First Century Somali Pirate: The Business Ethics of Ransom Payment

The attacks on commercial shipping vessels by Somali pirates have introduced a business dilemma for ship-owners. While maritime piracy has been outlawed by the United Nations Convention on the Law of the Sea, ship-owners must determine whether to pay ransom demands to Somali pirates or not. There is...

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Bibliographic Details
Authors: Lansing, Paul (Author) ; Petersen, Michael (Author)
Format: Electronic Article
Language:English
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Published: Springer 2011
In: Journal of business ethics
Year: 2011, Volume: 102, Issue: 3, Pages: 507
Further subjects:B Ethics
B law of the sea
B Ransom
B Utilitarian
B Piracy
Online Access: Volltext (lizenzpflichtig)
Description
Summary:The attacks on commercial shipping vessels by Somali pirates have introduced a business dilemma for ship-owners. While maritime piracy has been outlawed by the United Nations Convention on the Law of the Sea, ship-owners must determine whether to pay ransom demands to Somali pirates or not. There is no easy answer to solve this ethical dilemma for ship-owners and other interest groups, however, this article proposes a solution which takes into account all of the parties involved.
ISSN:1573-0697
Contains:Enthalten in: Journal of business ethics
Persistent identifiers:DOI: 10.1007/s10551-011-0832-y