“We die first before they get freed,” said one of the pirates, contacted by satellite telephone.

Paul and Rachel Chandler, from Tunbridge Wells, Kent, were captured on October 23 as they sailed their yacht, the 38ft Lynn Rival, from the Seychelles towards Tanzania.

The pirates’ new threat follows reports that an operation mounted by the Special Boat Service to rescue the couple was “bungled” before it could reach them because of technical problems.

If anyone interrupts our negotiations to get the payment of a ransom, it will be a risk for them [the Chandlers],” said “Gelle”, one of the pirates guarding the couple. “So we advise that no one interrupts our current good discussions.”

In the only comment that held some hope for the Chandlers, Gelle said that they had lowered their demand from $7m to $2m “or whatever price that we agree”. It was a clear signal that the pirates are open to offers.

Last week a Greek tanker, Maran Centaurus, was released for a reported $5.5m to $7m.

Gelle said that his group had spoken yesterday and on Friday with one of five brokers supposedly involved in negotiating a ransom. He said he believed the brokers were negotiating with “close relatives of our hostages, or other people trusted on behalf of them”.

The pirates are based in Haradheere, a fishing village north of the capital, Mogadishu. As well as the Chandlers, pirates are holding 11 ships, including the British-flagged chemical tanker St James Park which was seized on December 28.

Chandler, 59, said in an earlier telephone interview with ITV News, broadcast last week, that he and his wife, 55, had been separated and beaten and that he expected to be killed within “three or four days”.

Gelle denied the Chandlers were living under difficult conditions. “Okay, maybe they don’t feel good or comfortable but according to us they are fine,” he said.

“We also live in this situation so we do not think that they are that different from us. Once we get food, we share with them, and when there is a shortage of food they suffer with us.”