Chandra Duggirala emails:
[P]rivate security forces thwarted Somalian piracy and not the mighty navies:
It is interesting to note that while everyone from navies of different countries to "the transitional administration in Somalia becoming more successful are cited as causes of this, it notes that "For many in the shipping industry, the fall in attacks is a vindication of the decision to massively ramp up the use of armed guards".
It also notes that "So far, not a single ship with armed guards has been taken by pirates". Looks like the risk/reward of being a pirate is not economical anymore. All due to private security. Walter Block would be happy.