The pirates had been torturing the crew of 13 Sri Lankans and one Greek as well as threatening to kill them unless the ransom was paid, the daily quoted the ship's owner, Kamal Arri, as saying.
Arri said his company was waiting for the Saudi government's approval "to allow the quick payment of the ransom by the insurance company."
"The consulates of Sri Lanka and Greece have been contacting us, inquiring about the safety of crew members," he said in the English-language daily.
The tanker, he added, was not carrying any oil when the pirates captured it in the Gulf of Aden in March as it sailed back from Japan to the Saudi port of Jeddah.
Arri said his company had so far lost about eight million dollars as a result of the hijacking.
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Arab state