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Nov 20, 2008 9:39 AM

Ship owners continue to face piracy in the Gulf of Aden and other waters with a recent incident occurring off the coast of Mogadishu, Somalia, in eastern Africa, according to news reports.

According to news reports, the tanker hijacked off the Somalia coast belongs to Saudi Arabia and is loaded with crude oil valued at $100 million and equal to one quarter of one day's production in Saudi Arabia.

Meanwhile, Stolt-Nielsen SA, Oslo, Norway, said it remains deeply concerned with the welfare of the crew members of M/T Stolt Strength, a time-charter ship hijacked on November 11 in the Gulf of Aden.

However, the company reported that the M/T Stolt Valor hijacked September 17 in the Gulf of Aden has been released and all crew members were unharmed. Since the time the Valor was hijacked, the owners have worked continuously with the assistance of the relevant authorities and professional negotiators to secure the release of the vessel and the crew members on board, Stolt said.