What is Piracy?

According to Merriam-Webster's Dictionary of Law, piracy is

"an act of robbery esp. on the high seas; specifically : an illegal act of
violence, detention, or plunder committed for private ends by crew or passengers
of a private ship or aircraft against another ship or aircraft on the high seas
or in a place outside the jurisdiction of any state."

While centuries ago, pirates would attack ships in order to rob ships of their cargo, modern pirates are taking a slightly different approach. Although some pirates may still rob ships of their cargo, their main objective is to capture the ship itself and hold it for ransom. So far this method has paid off as was evident in the incident of the oil tanker Sirius Star where the pirates were paid $3 million for the release of the ship. Ships may also be robbed while still in port.