Somali pirates hijacked the Faina last month, a Ukranian vessel carrying tanks and other weapons bound for Kenya.
The pirates demanded a ransom of $20 million, saying that if the ransom wasn't paid by October 13th, they would blow up the ship and themselves.
Monday came and went, amid reports that the pirates had reduced the ransom to $8 million.
Now, according to an Associated Press report, the pirates say they won't blow up the ship, even if the ransom isn't paid. They are, however, "negotiating for the ship's release".
Heavily armed pirates are hijacking ships almost on a daily basis, prompting the maritime community to call for governments to not only deploy their navies to patrol the Gulf of Aden region, but also to authorise them to use the necessary force to take appropriate action against these pirates, who, after all, are heavily armed themselves.
This year to date, Somali pirates have hijacked more than fifty ships, earning themselves around $30 million in ransoms paid. The US Office of Naval Intelligence now warns that the pirates will likely be looking for more vessels to hijack to replace those that have been released after ransoms were paid.
But the pirates have revealed their Achilles heel: a willingness to barter in order to collect the ransom, and an unwillingness die trying.
