"The current situation is unacceptable to the industry," four shipping associations said in an open letter dated February 4, released Monday by the union of Greek shipowners.
"Unless necessary action is taken by the international community, the shipping industry will be looking at all possible options, including alternative routes, which could have a very dramatic effect on the world economy and global trade, including the delivery of oil," the groups warned.
"We feel that a fresh and far more robust approach...must now be considered," they said.
The four associations that represent over 90 percent of the global mercantile fleet said over 30 ships and 700 seafarers are currently being held hostage for ransom by "violent" Somali pirates.
Torture of sailors by pirates has now become commonplace, they added.
Last week, South Korean sailors from a cargo ship that was rescued in a commando raid said the Somali pirates who hijacked their ship had behaved brutally, with one crew member saying he lost several teeth after a beating.
Piracy has surged in recent years off Somalia, a lawless, war-torn country that sits alongside one of the world's most important shipping routes.

But many of those caught by an international fleet of warships are freed because there is nowhere to try them.
The four shipping associations -- BIMCO, the International Chamber of Shipping, Intercargo and Intertanko -- on Monday noted that piracy is estimated to cost the global economy $7-12 billion (5-9 billion euros) per year.