This is from the March 2009 Newsletter
On the Horizon ...
We hear you! Pirates like to collect stuff, so naturally being able to carry more things - and possibly even trading these things with other players - is something we know all Pirates are very interested in.
In response to your comments for a better inventory system, we're currently working on major improvements to Inventory. When these changes come online in the middle of the year, you'll have more places to store effects like clothing, hats, and other items. Plus, we'll be releasing new items and effects to customize your Pirate. Keep an eye on the Newsletter for more information about this update!
I guess they meant the middle of next year LOL
http://piratesonline.go.com/v3/#/gam..._diary_13.html