A South Korean iron ore carrier transporting iron ore fines from Brazil sank off the coast of Uruguay on Friday, according to both Vale and the Uruguayan Navy.
The ship containing 260,000 mt of the commodity from Vale was sailing from Brazil to China and was bound for storage and blending when it sank. Vale said the ship was insured.
Out of the ship’s 24 crew members, only two were rescued, while the other 22 remain missing. Both Brazil and Argentina joined Uruguayan forces to help rescue the missing crew members.
According to South Korean news agency Yonhap, a crew member said on Friday the ship was “taking in water on the port side and was listing rapidly.”