Once an unsolvable security threat, Somali piracy has almost stopped. Here’s why

News Snapshot:

In 2011, pirates carried out 212 attacks in a vast area spanning Somali waters, the Indian Ocean, the Red Sea and the Gulf of Aden, actions that the World Bank said cost the world economy $18 billion a year. Armed pirates hijacked ships as far away as 1,000 nautical miles from the Somali coast. They held the ships and crews for ransom. The World Bank estimates that Somali pirates received more than $400 million in ransom payments between 2005 and 2012. The piracy problem appeared unsolvable. Anti-piracy naval missions undertaken by the world’s most formidable navies, and self-protection measures adopted...