The seafaring association says that pirate attacks at sea have dropped 40 percent since their peak in 2011 thanks to a huge drop in attacks off Somalia.

The International Maritime Bureau says that there were only seven attacks and attempted attacks off Somalia last year, down from 49 in 2012 and 160 in 2011, the epidemic's peak.

The Somalia piracy problem was cracked after armed guards were placed on ships and because of an increase in patrols by international naval forces.

The maritime bureau said more than 300 people were taken hostage at sea last year.

Indonesia saw the most pirate attacks last year with 106. Nigeria was second with 31.