Authorities say Somali pirates hijacked the 300,000-ton Samho Dream in the Indian Ocean on Sunday. The ship was transporting crude oil worth about $160 million from Iraq to the U.S. with a crew of 24 South Koreans and Filipinos.
South Korea's Yonhap news agency cited an unnamed source as saying Friday that the owner of the ship has begun negotiations for the ship's release but the pirates' demands aren't yet clear.
The South Korean Foreign Ministry and the shipping company declined to comment.
Ministry officials said Thursday that a naval destroyer is monitoring the ship but that pirates have warned the ship not to come any closer.
