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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World S.Korean shipping firm seeking talks with pirates Reuters - Saturday, April 10 Send IM Story Print By Jon Herskovitz and Suh Kyungmin SEOUL, April 9 - A South Korean shipping firm wants to start talks with Somali pirates on returning a tanker with a cargo of crude oil worth as much as $170 million they seized and freeing the crew taken hostage, an official said on Friday. The South Korean-operated, Singapore-owned Samho Dream, which can carry more than 2 million barrels of crude, was seized on Sunday en route from Iraq to the United States, in the latest sign the sea gangs were targeting bigger quarry. [ID:nLDE633091] "We are enlisting a mediator and we will try to enter immediately into negotiations," an official from the shipping firm said, asking not to be named because of the sensitivity of the situation. The official did not offer any further details. Local media said the negotiations could take several months. The tanker's crew of five South Koreans and 19 Filipinos was taken hostage when it was seized in the Indian Ocean, about 1,560 km east of the Somali coast. The Samho Dream is now anchored about 4.5 km from the Somali coast and a South Korean destroyer that has been trailing the tanker for days is within striking distance, a South Korean Foreign Ministry spokesman said on Thursday. Foreign Ministry spokesman Kim Young-sun told a news briefing: "The government's basic stance is that we do not negotiate with pirates. If there is any negotiation, we believe it would be based on wishes of the ship owner." The destroyer has weapons that can hit targets as far as 32 km away. Military officials declined to comment on plans for the use of the war ship, which was deployed last year to protect commercial vessels in the Gulf of Aden and the Indian Ocean. Texas-based refiner Valero Energy Corp <VLO.N> said it was the owner of the crude oil cargo, which was bound for the U.S. Gulf Coast. Increasingly brazen pirate activity has driven up insurance costs, forced some ships to go around South Africa instead of through the Suez Canal, and secured millions of dollars in ransoms. While attacks in the Gulf of Aden and the Indian Ocean have become an increasing risk for all vessels in recent years, it is rare for pirates to successfully seize the kind of massive supertankers that carry most Gulf crude to refiners. The 319,000 deadweight tonnage Samho Dream, which was built in 2002, can hold the equivalent of more than one day's worth of Iraqi exports. (Additional reporting by Christine Kim; Editing by Sugita Katyal) Recommend Send IM Story Print Related Articles Qatar Air CEO sees second air traffic dip at yr-end Reuters - 25 minutes ago Reliance to pay Atlas $1.7 bln for Marcellus stake Reuters - 29 minutes ago British geologist shot dead in Ethiopia Reuters - 33 minutes ago RPT-MOVES-Lloyds TSB, Troika Dialog, Barclays, Jefferies Reuters - 36 minutes ago Russian rouble at new highs, poised for more gains Reuters - 39 minutes ago News Search Top Stories EU leaders ready to help Greece, markets bet on bailout UN forum struggles after Copenhagen setback At ISS, Discovery astronauts conclude first spacewalk NASA chief says space agency positioned to grow German exports jump in February: official data More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Taiwan's male 'Susan Boyle' a web sensation Two-million-year-old hominid sheds light on evolution Countries list priceless relics they want returned to them Legendary Soviet diplomat Dobrynin dead at 90 Greece sinks deeper as loan costs hit record highs More Most Viewed » 'Rare' fossil of new dinosaur species found in US Junkies and junk-food addicts share craving mechanism Toad is a telltale for impending quakes: scientists Taiwan's male 'Susan Boyle' a web sensation More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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