A player who has the Merchants Guild receives 3 Doubloons for doing this.
During his turn during the Captain's Phase, a player holding the Pirate's Nest may attempt a takeover. The requirements are that at least one ship be full and the total of unused ship spaces is an odd number. To represent the taking of the ship, its contents are removed and the ship card is flipped upside down. It becomes available again the next time the Captain is chosen. (Victory Points awarded for this ship remain intact.)
The benefit of taking over a ship is that the owner of the Pirate's Nest receives victory points and/or doubloons (owner's choice) equal to half the number of settlers on the Pirate's Nest.