MARITIME LAW AND COMMERCE: Common Efforts against Piracy

British Prime Minister David Cameron, meanwhile, welcomed the task force's final findings released late on Tuesday, as he said that the dramatic reduction in pirate activities over the last year clearly showed the importance of collective actions at seas.

"The dramatic reduction in pirate activity in the past year shows how important collective action is, and the recommendations of the Task Force should make it harder for pirates to receive, and to profit from, ransom payments," Cameron said, as the task force's findings were released late on Tuesday. "But seafarers of all nations remain at risk, and we must continue to work to break the piracy business model, with the ultimate ambition of bringing an end to ransom payments," he added.

Somali pirates hijacked 46 ships in 2009 and 47 in 2010, the EU Naval Force said. In 2011, pirates launched a record number of attacks (176), but commandeered only 25 vessels, an indication that new on-board defences were working.

Only five ships have been hijacked so far in 2012, the EU Naval Force said. The last was hijacked on May 10. The sudden drop in ransom payments has ended a pirate party culture that popped up on Somalia's shores, as pirates paid for lavish parties, including drugs and prostitutes, with millions in ransom money.

Close to 140 seafarers are still held by Somali pirates, though that's way down from the height of the piracy crisis, when more than 600 hostages were held at once.

Early on Monday, heavily Armed Forces from Puntland, a northern region of Somalia, clashed with pirates escorting a speedboat carrying supplies and ammunition for pirates holding a ship, pirates have held for more than two years. A Panama-flagged cargo ship was hijacked March 29, 2010.

One Puntland official said that the aim was to seize the boat and arrest pirates. He, however, added that the mission failed after pirates fought back.

The UK taskforce noted that there are no actions which can simply and immediately bring a halt to ransom payments, but it said that increased co-ordination among all piracy fighters could reduce the payments of ransoms, the legality of which is being more closely scrutinised by governments. (AP)