For those who have no problem with inventory on their pirate YET:
My friend cautioned me that if you pick up a new weapon from the loot you plunder, your inventory will start going hay-wire if you log back in the next time. True enough, when i logged in this morning, my pirate had all her weapons fine, but as soon as i plundered a new weapon and logged back in, all my inventory are lost.
The only thing im equipped with now is a rusty cutlass which i got for free from blacksmith.
Now all I can do is to play other pirates that are not affected yet, and be cautious not to pick up any loot with weapons.