MOSCOW, October 27 (RIA Novosti) - The Russian-crewed and Maltese-flagged cargo ship at the center of a mysterious hijacking case currently being towed towards Malta will arrive there no earlier than Thursday, a Russian embassy source said Tuesday.

Viktor Matveyev, the director of Solchart, which holds 100% in the Maltese firm that owns the vessel, said on Monday that the Arctic Sea may be handed over to Malta on Tuesday. Maltese maritime authorities said the Arctic Sea would be handed over outside Malta's territorial waters.

"I can only say that it won't be there [Malta[ today or tomorrow," the diplomatic source said.

The vessel disappeared in the Atlantic on July 24 while carrying a cargo of timber worth $2.1 million from Finland to Algeria and was recovered off West Africa on August 17, when eight alleged hijackers were arrested.

The disappearance, which triggered a major international search effort, raised suspicions about a "secret cargo" of drugs or weapons carried by the ship. Russian authorities have denied the rumors, saying the vessel was hijacked by criminals who demanded a ransom.

Eleven of the 15 Russian crewmen have since been sent home. The captain and three crew members are still on board, along with Russian investigators.