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i would personally pop a hole in the bow of the ship and wach them run,
beter yet the seals twisted anywho is there anybody outthere??
sailt and pepper dynamite ninja

There's too many factors to make a set plan.
First, there's the ship itself. Do you have accurate floorplans? What about cargo in the hull? Or any modifications made to the inside, i.e. shelves and the like?
Then there's the personnel factor. How many crew members are onboard/alive? Where are they? What's their physical condition? How many pirates are there? Are they armed? With what? Do they have any military training or experience?
You can't necessarily blow up the ship. You'd lose all the cargo, plus possible loss of life. sending in the S.E.A.L.S is a good option, but what about the aforementined factors?
Personally, I think that the navy chose the best possible option in this situation, even though we still don't know anything new about these pirate groups.

Do I have guns? What about I shoot them with AKs and M16s and they die?

Or what about, they know most people are armed, so they avoid jumping on ships because they know they'll probably get shot at, and they never try to rob us in the first place!

And if they hop on anyways, then they know there's probably not gonna be a discussion, they're not surprised to see us shoot at them, and they die facing the fact that they were willing to die for loot.

Also, they're exploiting me, saying loot is worth more than my life, threatening me to death if I don't hand over what my ship has. Clearly madmen like these have no desire to negotiate, make deals/contracts or become part of our anarcho-communist circle. This type of madman won't think twice before shooting you, and it's probably the same type of madman that started not only historical materialism but exploitation as we know it. If not only I do, but the whole ship also shoots at this exploiter, I hope we're sending a message and setting an example saying we will never be exploited again.

I was assuming the question was more relevant to our current society, in which if this problem was being dealt with by me, I probably have some sort of control over certain military forces, and would use them.
But if we're talking about in a society of anarchist-communists what I would like to do, I'd try and find people willing to help me rescue the hostages, because I'm not going to give in to their demands.
But in practicality, it would most likely fail, unless someone with extensive knowledge of ships was helping me, and we were able to organize an efficient plan of action.