I'm currently in one of the most enjoyable games I've played and have a massive navy of privateers. They were dropping like flies against frigates until I started to leave them in "friendly" cities (need open boarders) until they saw an unescorted caravel or gallon. This combined with a few airships for scouting, and any unescorted ship was toast. You can attack a caravel and hide in one of their cities in the same turn, all while surrounded by scary frigates. I'm about to get combustion and half my (illegal) navy has blitz. +1 movement for circumnavigating is huge for this. Now how to get them back to my territory haha...
Here's a great page about pirating if you haven't read it:
http://www.civfanatics.com/civ4/strategy/privateers.php
Here's a great page about pirating if you haven't read it:
http://www.civfanatics.com/civ4/strategy/privateers.php