The Panther Bay
Pirate Blog

Pirating in Somalia is big business. By some accounts, pirates earned $128 million in 2008 and $30 million just four months into 2009. Subsistence fisherman now rank among the wealthiest people in the nation, and the industry supports a cottage industry of hotels, restaurants, financial services, and other businesses.

According to the New York Daily News,

The heavily insured cargo vessels make easy pickings.

In small, unlit boats, the pirates sneak up to hulking ships at night, fling grappling hooks over the side and swarm aboard. They have learned that if they treat their hostages well, they can ransom the boats for millions.

Indeed, the BBC reported there are special pirate restaurants in Eyl to feed the kidnapped crews.

To the Somalis, where the average family lives on less than $1 a day, the lure of the black flag is intoxicating.

These are not the rum-drunk, eccentric, peg-leg pirates of yesteryear: The modern corsair is well-organized, disciplined and toting a satellite phone. They even have publicists to handle media calls.