JEDDAH, Feb 6 (Arab News): Somali pirates who captured a car carrier heading to Saudi Arabia in January are demanding $15 million for the release of the vessel, cargo and crew.

The news of the ransom for the Korean-owned but British-flagged ship first emerged in Bulgaria although it is reported to come from Ukrainian intelligence services.

Eight of the 25-man crew are Bulgarian, 10 Ukrainian and the rest Indian or Romanian.

The 44,000-ton Asian Glory was hijacked in the Arabian Sea some 1,000 kilometers off the Somali coast while sailing to Jeddah Islamic Port.

According to the South Korean Ministry of Land, Transport and Maritime Affairs, the vessel was carrying 2,405 vehicles, the overwhelming majority made by Hyundai and Kia.

A source in the shipping insurance sector in London told Arab News that there was little chance of the pirates being paid the $15 million demanded. It is seen as an opening bid.

A more realistic amount, based on ransoms paid so far, was “more likely to be $3-4 million” said the source.

However, he thought that because this was the first car carrier to have been hijacked, it may have encouraged the pirates to imagine that as a prize capture they would get more.

According to the source, neither Hyundai or Kia nor the Saudi importers would be expected to pay any of the ransom if and when a final figure is agreed.

It would be the shipowners who pay and who would then be reimbursed by their insurers.

Latest reports from the International Maritime Bureau say that the vessel, which was initially held off the pirate town of Hobyo in the self-proclaimed autonomous Puntland region, has been moved back out into the Indian Ocean.

It is suggested that it is now being used as a pirate mother ship from which to launch attacks on vessels.

However, some shipping industry sources doubt this.

One view is that it was moved to refuel another mother ship while others say that it was moved by its captors to prevent it falling into the hands of a rival pirate gang.