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The Somali pirates are estimated to have been paid between $25 million and $30 million in ransoms, the United Nations chief said in his quarterly report to the U.N. Security Council.
Secretary-General Ban Ki-moon also said about 65 merchant ships were hijacked off the coast of Somalia in the first 10 months of the year.
The African Union commission chief, Jean Ping, said the surge in piracy was a result of worsening security in Somalia.
Ping called for "stronger and more coordinated efforts," to return stability to Somalia, "including a rapid deployment of a United Nations peace force", according to a statement released in Addis Ababa.
Saudi Arabia's foreign minister, Prince Saud al-Faisal said on Wednesday that the ships owners are in talks with the pirates, but the company that operates the vessel has remained tight-lipped about the claims of negotiations.
Seized at the weekend in the Indian Ocean some 500 miles (800 kilometers) off the coast of Kenya, the ship became the largest to be taken by Somali pirates and the attack furthest away from Somalia.
The super-tanker was loaded to capacity with two million barrels of oil when it was seized along with its crew of 25 -- 19 from the Philippines, two from Britain, two from Poland, one Croatian and one Saudi.
The Indian frigate INS Tabar, one of dozens of warships from several countries protecting commercial shipping lanes in the Gulf of Aden, sank a Somali pirate ship late Tuesday after coming under fire, navy spokesman Nirad Sinha said.
Pirates use mother ships, generally hijacked trawlers or deep-sea dhows, to tow speedboats from which they launch their attacks with grapnel hooks tied to rope ladders before neutralizing the crews at gunpoint.
The incident came as shipping groups reported a new surge in hijackings off Somalia, with three captured since the Sirius Star was taken.
Noel Choong, head of the piracy reporting centre at the IMB in the Malaysian capital Kuala Lumpur, said "the situation is already out of control".
But the United States, which also has warships patrolling off Somalia, said a military approach was not the answer to a surge of piracy off the Horn of Africa.
"You could have all the navies in the world having all their ships out there, you know, its not going to ever solve this problem," said Pentagon press secretary Geoff Morrell.
The European Union said Tuesday it would launch its anti-piracy operation -- their first-ever -- off Somalia Dec. 8, joining several other warships currently patrolling the region.