It seems while Somalia pirates can escape with boats (sometimes!), they can not escape the laws of supply and demand. Sure, this might be the best book on pirates and economics ever, but this story points to modern day pirate problems:
Somali pirates may have reached their limit, at least for now. Security agencies have suggested that Somali pirates are willing to negotiate lower ransoms to release ships they have seized -- because they are running out of room.
Ransoms demanded by pirates have skyrocketed since hijackings off Somalia became an international crisis in 2008. A recent study by the One Earth Future foundation claims the average paid ransom rose to $5.4 million in 2010, from $3.4 million in 2009. Seafarers aboard the cargo vessels were also held hostage up to three times longer while pirates and shipping companies negotiated -- from an average of 55 days in 2009 to 150 days in 2010.
Currently, Somali pirates are holding at least 33 ships, with more than 700 crew members captive.
Now would seem like a good time to get into the private yacht and shipping security industry. In the meantime, we can encourage our kids to be pirates!