General cargo vessel Xin Bao Tai 1 sank near Weizhou Island, Guangxi yesterday afternoon.
The vessel was carrying 3,250 tons of ore and was enroute from Qinzhou Port in Guangxi to Zhangjiagang Port in Jiangsu.
All the five crew members onboard the vessel managed to escape from the vessel using the lifeboat and were later rescued by Beihai Marine Search & Rescue Center without injury.
The vessel is operated by Tangshan Xinbaotai Iron & Steel.
Authorities have started investigating into the cause of the accident.