The 1986-built general cargo ship VFM Alita sank after colliding with a vessel in the Caribbean waters off Colon, Panama, on Friday.
The Panamanian-flagged ship, which was not carrying any cargo at the time, sustained significant damage to its hull which caused it to take on water and sink, according to the Panama Maritime Authority.
An investigation into the cause of the collision was launched this morning by the authority.
No injuries to the crew members were reported.
The 106 meters long vessel, owned by Venezuela Feeder Maritime, has been anchored off Columbus since 2014 waiting to be sold for scrap.
In June last year, a group of five pirates attempted to hijack VFM Alita while it was anchored. The pirates were arrested shortly after boarding the vessel and transferred to Christopher Columbus SENAN Naval Base.
World Maritime News Staff