The owners of a Ukrainian arms ship hijacked off Somalia more than two months ago have agreed to pirates' $20 million ransom demands, an official says.

The Kenya Seafarers Association said Sunday that the MV Faina, which was carrying a cargo of Soviet-era tanks and other munitions to Kenya, will be freed as soon as its owners can work out a payment schedule with the Somali pirates who seized it Sept. 25 in the Gulf of Aden, CNN reported.

"A deal has been reached to free the MV Faina. Talks on how to deliver the ransom money are ongoing," Andrew Mwangura of the association told the U.S. broadcaster.

The ship's hijacking triggered a response from Western nations, including the U.S. Navy, which sent ships to monitor the pirates and make sure its load of weapons didn't end up in the hands of terrorists.

Mwangura told CNN the pirates at first were seeking a $35 million ransom from ship owner Kaalbye Shipping Ukraine, but have since lowered their demand to $20 million.