Piracy ship rates, pirate ship rate caps as rates drop

Piracy ships are now just $20 per hour, down from $40 per hour at the height of the crisis, the head of the U.S. Coast Guard’s fleet said Thursday.

The head of a national ship monitoring service said the new rate caps are the lowest in decades.

The ship rates are lower than when the crisis hit, but they are not unprecedented, according to the National Oceanic and Atmospheric Administration.

But it was the first time in a decade that the average pirate ship has been reduced to $20 an hour, the Coast Guard said.

The agency has been urging its citizens to report illegal activity online to protect the Coast Guards vessels.

“The new rates for pirate ship captains will help protect Coast Guard vessels and keep us safe,” the Coast and Maritime Administration’s assistant director of communications, John L. Gorman, said in a statement.

“Piracy is a serious problem.

Our crews, their families, and our partners need to know that if they are in harm’s way, they are safe.”

The U.K. government has also reduced the rate it charges to ship crews, from $1,000 to $600.

The move came as a result of a $100 million settlement with the International Maritime Organization, which had warned that it was losing millions of dollars in revenue due to the rising tide of piracy.