Talks continued with the pirates, who have captured a Turkish-owned ship off Somalia, a company representative said late on Wednesday.
The Somali pirates have demanded a ransom in return for the release of the vessel and its 20-man crew.
Fehmi Ulgener, a legal advisor for the Istanbul-based Yasa Company, said the company was trying to agree on the amount of the ransom, the Anatolian Agency reported.
Talks may last for nearly two months, he said, adding the ship’s crew was in good condition.
"Yasa Neslihan", a Turkish ship of Marshal Island registry, was hijacked last week along with its 20-member Turkish crew. The ship was carrying 77,000 tons of iron from Canada to China.