Conservative Seattle radio host Kirby Wiolbur discussed this just this morning on his radio program. He had a an expert on his show. The expert (who’s name escapes me) mentioned that the shipping companies usually just pay the ransom and don’t even report it.
The reason is that their insurance rates will go up if they report it. In their eyes, it’s better to pay a million bucks on a 100-million dollar cargo. Plus, the investigation could tie up the ship in a port for weeks, thereby taking it out of money-making service until the investigation is done.
That’s why most companies never mention it. The fact that a ULCC got taken really put it in the spotlight.
One other thing I forgot to mention: jurisdiction.
Once you’re beyond th 12-mile territorial boundary, no one has jurisdiction in punishing the pirates. No one knows where to take them or what to do with them.