Ali Dheere, the chairman of Mogadishu's general merchanside traders, told Reuters that the negotiations Wednesday ended night, while the ship was released on Thursday.

"We are afraid pirates will re-hijack it", said Dheere. He refused to comment if a ransom had been paid.

A maritime expert told Reuters last week that he believed the ship is one of the regular weapon carriers to Somalia which is under a U.N arms embargo. He said the ship was using fake name Al-Mizan.

Dheere was quoted as saying the ship was carrying commercial goods.

Foreign warships from western counties are patrolling the area to try and prevent pirates, but the Somali pirates are now hijacking for ships far into the Indian Ocean.