Mikkel Hartmann, cook on board the Danish merchant ship Rozen, is anxious to return to his wife and child. Jan Sørensen, the ship’s engineer, asks him to take a letter home to his family. Back in Denmark, shipping company representative Lars Vestergaard, unable to close a difficult deal, requests help from CEO Peter Ludvigsen, who concludes the deal with the Japanese businessmen. Ludvigsen suddenly learns that pirates in the Indian Ocean have hijacked the Rozen. On the ship, the crew is separated into two groups, and Hartmann is forced at gunpoint to cook a meal. Automatic gunfire punctuates the night, frightening the hostages and keeping the atmosphere tense.
Ludvigsen hires Connor Julian, an Australian hostage negotiator who has experience with pirates. Julian’s first suggestion is to use a neutral third party for negotiations, but Ludvigsen insists on running negotiations himself. Their first communication with the pirates comes when Omar, a Somali who says that he is a translator taken hostage by the pirates, asks Hartmann to contact Ludvigsen. Ludvigsen, however, refuses to negotiate through Hartmann and hangs up. Omar himself then calls and relays the pirates’ demands. Ludvigsen’s counter-offer, an unrealistic low-ball number, opens the negotiation process. Julian explains that if they give in too quickly or easily, the pirates will only renege on the deal.
As the weeks roll on, the pirates allow the hostages limited privileges, such as use of the bathrooms. Hartmann and Sørensen attempt to befriend one of the pirates, who humiliates Sørensen as a prank. Negotiations slowly continue, and Omar reacts incredulously to Ludvigsen’s continued low-ball offers, which he says will result in the deaths of himself and the crew unless Ludvigsen makes a realistic offer. The situation takes a toll on Ludvigsen, culminating in his yelling at his worried girlfriend.
After a period of silence, Ludvigsen receives a fax from the pirates. Ludvigsen requests proof that Hartmann is still alive, which Sørensen provides. As negotiations restart, Ludvigsen offers $2.8 million. Omar rejects the offer, and Vestergaard suggests that Ludvigsen pretend to add $500,000 of his own money. Tired of negotiating and convinced that the company cannot offer any more, Omar accepts.
On the ship, Omar herds the hostages on to the deck, where the two separated groups see each other again for the first time. An airplane circles several times and drops a package. The pirates react joyously as they retrieve it. Thankful that the ordeal has finally come to an end, Hartmann retrieves his wedding ring, which he had hidden when the pirates boarded the vessel, and wears it publicly again. As the pirates disembark, one grabs Hartmann’s ring. When Hartmann protests, the captain intervenes and takes back the ring from the pirate. Angry, the pirate shoots and kills the captain. Omar strikes the pirate and chastises him, while Sørensen is crying over the captain.
Back in Denmark, Ludvigsen makes a difficult phone call to deliver the bad news to the captain’s wife. Shocked by his traumatic experiences, Hartmann does not show much emotion when he finally is re-united with his family.
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