Bosaso (Alshahid)-Somali pirates on Tuesday released a Taiwanese fishing vessel and its 26 member crew, after 19 months of captivity, Taiwan’s foreign ministry said.

The vessel, Shiuh Fu No 1 was seized off the coast of Madagascar in December 2010 before being taken to Somalia.

Its crew included 13 Chinese and 12 Vietnamese nationals, as well as a Taiwanese captain.

The released have being escorted by a Chinese navy ship to the port of Dar es Salaam, a Chinese embassy counselor said.

The ministry didn’t say whether a ransom was paid but sources close to Somali pirates say $US3 million was paid for the release.

The Somali piracy crisis is costing world trade billions of dollars a year, according to The International Maritime Bureau.