The Return of the Privateer - Got a Private Military Contractor (PMC)?

from Google AI:

The combined value of a shadow tanker and its cargo typically ranges between $50 million and $170 million, depending heavily on the size and type of the vessel. Because shadow tankers are vintage, aging ships (often 15 to 25 years old) that are purchased cheaply through shell companies to evade sanctions, the value of the cargo almost always vastly eclipses the value of the ship itself. [1, 2]

A breakdown of the specific asset values highlights this disparity:

1. The Cargo Value ($40 Million to $135 Million)

The cargo represents the vast majority of the total value. Shadow tankers primarily carry crude oil from heavily sanctioned nations like Russia, Iran, or Venezuela. [1]

Aframax / Suezmax Tankers (Smaller-to-Mid Size): Typically transport around 700,000 to 1,000,000 barrels (approx. 100,000 metric tons) of crude oil. At discounted market rates (e.g., Russian Urals trading below global benchmarks), a single cargo load is usually worth $40 million to $110 million. For example, the seized shadow tanker Eventin carried a cargo valued at roughly $43.3 million, while the drone-struck Altura carried a cargo valued at $109 million. [1, 2, 3]
Very Large Crude Carriers (VLCCs / Supertankers): These massive ships carry up to 2 million barrels of oil. A full load on a shadow VLCC is generally worth $120 million to $135 million. [1]

2. The Vessel Value ($10 Million to $60 Million)

Mainstream shipowners sell their old, near-retirement vessels to shadow fleet operators at a premium, but they are still heavily depreciated compared to new builds. [1, 2]

Smaller / Older Hulks: Aging, decrepit tankers nearing scrap value or suffering from maintenance neglect are often valued between $10 million and $25 million. [1]
10 to 15-Year-Old VLCCs: Operators looking for high-capacity "workhorses" pay higher prices for larger secondhand vessels, with 15-year-old VLCCs commanding around $55 million to $60 million on the open market.

from Google AI:
A typical crew member on a privateer usually received one single share of the portion of the prize money allotted to the crew, which ultimately amounted to a tiny fraction of the captured ship's total value—often less than 1% per ordinary seaman. [1, 2]

Because privateers operated on a "no prey, no pay" system, the division of a captured vessel's value followed a strict corporate hierarchy outlined in the ship's Articles of Agreement: [1, 2, 3]

The Investors/Owners: Generally took 50% of the entire prize value right off the top to cover the cost of the ship, fitment, and commissions. [1, 2]
The Captain and Officers: Took the lion's share of the remaining half. A captain might receive anywhere from 5 to 10 shares, while skilled officers (like the sailing master, surgeon, or boatswain) received 1.25 to 2 shares each. [1, 2, 3]
The Crew: The remaining pool of money (usually around 30% to 35% of the total prize) was divided equally among the common crew. Because privateer crews were intentionally massive—often carrying 80 to 120+ men so they could spare "prize crews" to navigate captured vessels back to port—each individual sailor's single share was diluted across a large number of people. [1, 2, 3]

Ultimately, if a prize was worth $10,000, the owners took $5,000. After the captain and officers took their outsized portions, a pool of roughly $3,200 might be left to split equally among 100 crewmen, leaving a typical deckhand with a payout of about $32 (or 0.32% of the total). Despite the small percentage, a single highly valuable capture could still equal months or even years of standard merchant naval wages.

So 0.32% of $50-$170m = $160 - $544k per Ordinary Seaman