Here are some snapshots of the modern-day pirates, who come mostly from the Somali region of Puntland, culled from a BBC report.
They wed the most beautiful girls, drive flashy new cars, live in huge houses - and they strut around with new guns.
"They have money; they have power and they are getting stronger by the day," says Abdi Farah Juha who lives in the regional capital, Garowe.
"Piracy in many ways is socially acceptable. They have become fashionable."
Most of them are aged between 20 and 35 years - in it for the money.
Once a pirate makes his fortune, he tends to take on a second and third wife - often very young women from poor nomadic clans, who are known for their beauty.
Piracy initially started along Somalia's southern coast but began shifting north in 2007 - and as a result, the pirate gangs in the Gulf of Aden are now multi-clan operations.
Most vessels captured in the busy shipping lanes of the Gulf of Aden pay an average ransom of US$2 million (S3.05 million)
This is why their hostages are well looked after.
The pirates don't fight among themselves because the promise of money keeps them together.
BBC Somalia analyst Mohamed Mohamed says the pirate gangs are usually made up of three different types:
* Ex-fishermen, who are considered the brains of the operation because they know the sea
* Ex-militiamen, who are considered the muscle - having fought for various Somali clan warlords
* The technical experts, who are the computer geeks and know how to operate the hi-tech equipment needed to operate as a pirate - satellite phones, GPS and military hardware.
A report by UK think-tank Chatham House says piracy off the coast of Somalia has cost up to US$30m (S$45 million) in ransoms so far this year.
Yemen, across the Gulf of Aden, is reportedly where the pirates get most of their weapons from. A significant number are also bought directly from the Somali capital, Mogadishu.
Piracy initially started along Somalia's southern coast but began shifting north in 2007 - and as a result, the pirate gangs in the Gulf of Aden are now multi-clan operations.