The Malaysia-flagged,1993-built, 1,066 teu boxship Albedo , which has been held by Somali pirates for over a year, may be released shortly, according to a source close to the negotiating process.
However, the source discounted media reports over the weekend that the vessel had already been freed.
Discussions with the captors are close to conclusion, an initial demand for $8m likely to be settled with an offer of around $4m. However, some issues need to be resolved before Albedo can leave its position off El Maan.
Albedo was hijacked in November 2010 some 900 miles off the Somali coast while sailing from Jebel Ali to Mombasa.
The vessel was thought to have 23 crew members on board from Pakistan, Bangladesh, Sri Lanka and Iran.
According to the Lloyd’s List Intelligence database, the vessel is associated with Majestic Enrich Shipping of Pulau Pinang.