Table 3 Projected estimated cost of piracy in terms of insurance acquisition over the given period of study.

Average vessel utilisation of the GoG area

547,500

547,500

547,500

279,000

Max K&R premium considered (USD) per Swedish P&I club

30,000,000

30,000,000

30,000,000

30,000,000

Kidnap & ransom surcharge

1.47825 × 10¹³

1.47825 × 10¹³

1.47825 × 10¹³

7.533 × 10¹²

Total insurance costs (if all ships purchased)

1.6425 × 10¹³

1.6425 × 10¹³

1.6425 × 10¹³

8.37 × 10¹²

Lower bound estimate (10%)

1.314 × 10¹³

1.314 × 10¹³

1.314 × 10¹³

6.696 × 10¹²

Upper bound estimate (70%)

1.14975 × 10¹³

1.14975 × 10¹³

1.14975 × 10¹³

5.859 × 10¹²