Oct. 15 (Bloomberg) -- Somali pirates who captured a Ukrainian vessel loaded with tanks last month said they won't blow it up even if a ransom isn't paid, the Associated Press reported.

The pirates, speaking to the AP via satellite phone, said they are still negotiating for the ship's release, according to the news service. The ship is one of 29 hijacked this year off Africa's coast, AP said.

The pirates seized the Faina, a Belize-flagged vessel with a crew of 17 Ukrainians, three Russians and one Latvian, on Sept. 25, the Ukrainian Foreign Ministry said. It was carrying at least 30 Soviet-designed T-72 tanks to Kenya.

The pirates originally demanded a $20 million ransom, then said yesterday they had extended a deadline for the ransom, lowering it to $8 million, Russian state broadcaster Vesti-24 reported.

To contact the reporter on this story: Ryan Flinn in San Francisco at rflinn@bloomberg.net

Last Updated: October 15, 2008 12:28 EDT