The ship was seized on 1 JanuarySomali pirates have released 25 mainly east European sailors and their ship more than six months after they were seized.
Bulgaria's foreign ministry said the British-flagged vehicle carrier, the Asian Glory, was expected to head for Oman under British escort.
It is not known whether a ransom was paid for the release of ship and its crew.
The waters around Somalia are among the most dangerous in the world.
Ten Ukrainians, eight Bulgarians, five Indians and two Romanians make up the crew of the Asian Glory, which is managed by Zodiac Maritime Agency.
Zodiac said on its website that all crew members were reported to be "unharmed and well".
The 45,000-tonne ship was hijacked 1,000km (620m) off the Somali coast on 1 January
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