India, July 17 -- Ransom negotiations for the release of three merchant vessels and their 44 crew members held by Somali pirates are at an advanced stage, shipping industry sources with direct knowledge of the talks said on Thursday.

The talks involve countries where the vessels are registered, ship owners and insurance companies, and are being conducted confidentially due to concerns over the safety of the crew, the sources here said. They said the talks are being coordinated with insurers that provided cover for the vessels, as any ransom payment has to be vetted to ensure compliance with international sanctions.

The identity of the recipient is verified against sanctions lists maintained by the United Nations, the US, the UK and the ...