[Salgak]

I have an evil dream: I hit the lottery, and invest in a beat-up old container freighter. Then I buy a stack of used CONEX containers, and place them onboard. SEVERAL of the CONEX containers have been modified with a pop-out armored M-60 mount and several armored sniper positions. Arm-up with some -60s and Barretts or PSKs, and go on a Somali Pirate Safari. And we go a-hunting on the wild Somali Seas. . . in my very own Q-ship.

And the best part is the name of the vessel: the M.V. Recumbent Mallard. . . .

[Sherman Logan]

Pirates have attacked more than 100 ships off the Somali coast over the last year, reaping an estimated $1 million in ransom for each successful hijacking, according to analysts and country experts.

Here you see the economics of the situation. Each ship pays $20k to $30k in insurance, which is a good deal less than the cost of armed security.

The insurers rake in a total $400M to $600M, paying out $100M.

Economically, it makes sense to just buy the insurance and pay the ransom.

It also, of course, encourages more pirates to join in, so in the long run is not a viable strategy.