IMO, the problem of privatering in modern times comes from the lack of suitable targets.
First, as some already said, privateering would probably only occur during a war between 2 small countries.
For example, the USA would not issue letters of marque, why bother when they have the biggest navy in the world.
The second problem is targets.
Most of large commercial ships that could interrest privateers are owned by big internationnal shipping companies.
If there is any risk of their ships to be attacked by privateers, they will quickly transfer flag to sail under the protection of a major navy.
Like during the 19th century, there are 2 examples of flag transfer to place commercial ships under the protection of a major navy :
- During the American civil war, quite a few ships belonging to the US transfered flags to British Empire or French to become "invalid targets" for Confederacy privateers
- During the Franco-Prussian war of 1870, a lot of ships flew the British flag to avoid capture by the French blocade, as the French wouldn't dare capturing british flagged ships.
So there will be a serious lack of valid targets for the privateers.
The only case I can imagine where privateering could be used would be a war between 2 "small" countries that do not have a real navy and where at least one is very dependent on coastal shipping using "small" ships (*) that can't easily change their flag.
( * small being relative)
First, as some already said, privateering would probably only occur during a war between 2 small countries.
For example, the USA would not issue letters of marque, why bother when they have the biggest navy in the world.
The second problem is targets.
Most of large commercial ships that could interrest privateers are owned by big internationnal shipping companies.
If there is any risk of their ships to be attacked by privateers, they will quickly transfer flag to sail under the protection of a major navy.
Like during the 19th century, there are 2 examples of flag transfer to place commercial ships under the protection of a major navy :
- During the American civil war, quite a few ships belonging to the US transfered flags to British Empire or French to become "invalid targets" for Confederacy privateers
- During the Franco-Prussian war of 1870, a lot of ships flew the British flag to avoid capture by the French blocade, as the French wouldn't dare capturing british flagged ships.
So there will be a serious lack of valid targets for the privateers.
The only case I can imagine where privateering could be used would be a war between 2 "small" countries that do not have a real navy and where at least one is very dependent on coastal shipping using "small" ships (*) that can't easily change their flag.
( * small being relative)