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The 10,000-ton ship, Samho Jewelry, was attacked by a boat on Saturday afternoon. It was hijacked in the waters between Oman and India, Yonhap news agency reported.
The freighter has a crew of eight South Koreans, two Indonesians, and 11 Burmese nationals, according to an unnamed South Korean foreign ministry official.
"The current location of the ship has not been found yet, but the crew seems to be unharmed," the official said.
The South Korean foreign ministry has set up a task force to deal with the incident.
The merchant vessel reportedly belongs to Samho Shipping Company, which has headquarters in South Korea
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