Seems the pirates got away with the captain and are holding him for ransom. They made a deal with the crew who held one of the pirates, but welshed on the deal after the buccaneer was let go.
Sounds to me that the pirates are only a little way off in a lifeboat. If the crew was armed, I'd say go get him, but it's probably too dangerous. Warships are on the way. I'd like to think the pirates' days are numbered, but we know they won't swing from the yardarm with Obumbler looking for someone to surrender to. Wouldn't be surprised if they fed and clothed the pirates and then let them go after retrieving the skipper.