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Basically they locate the ship - probably from some sort of inside information. Take it over since there are no armed crew, then wait for the Oil Companies to pay up.
They cant dock the Tanker and unload it because they dont have the manpower or infrastructure so they just sit in Somailian territorial waters and negotiate.
US Navy don't interfere because its a merchant vessel and has no weaponry on board the pirates could use.
These tankers are often owned by all sorts of holding companies from various countries for tax purposes - so they can't argue they are an "American" or "British" ship and they need protection.
So they make a quick £30 mill or whatever and disappear - nice work...
Probably the Shipping Co's will start adding armed security crews, mercenaries etc that will repel pirates - however that raises the problem of civilian vessels having armed crew... Not that I care personally, I think its a good idea.
The mind is its own place, and in itself, can make a Heaven of Hell, a Hell of Heaven
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