The blast occurred in the Red Sea, outside the city of Al Shuqaiq in southern Saudi Arabia, authorities say.
The vessel MT Agrari is made in Malta and had a Greek crew on board.
"Ships were attacked by an unknown source ... It has been confirmed that the crew is safe and without injuries," the shipping company wrote in a statement.
The British security company Ambrey writes that the explosion was caused by a mine.
The Saudi-led coalition, which has been fighting Iran-backed Huthi rebels in Yemen since 2015, announced on Tuesday that it had cleared and destroyed five Iran-made mines in the southern part of the Red Sea. The Huthi rebels have not yet commented on the incident.