The cargo ship Felicity Ace, which was transporting approximately 4,000 luxury vehicles including Porsches and Bentleys, has sunk off the coast of the Portuguese Azores archipelago.
The vessel had been adrift for nearly two weeks following a major fire that broke out on February 16 while it was en route from Emden, Germany, to the United States.
Although all 22 crew members were safely evacuated by the Portuguese Navy and nearby merchant ships shortly after the fire began, the vessel eventually succumbed to structural damage and settled at a depth of roughly 3,500 meters.
Environmental concerns have surfaced regarding the potential for fuel leaks from the sunken wreckage, though local port authorities report that no significant oil spills have been detected thus far.
From a commercial standpoint, Volkswagen Group, the parent company of many of the affected brands, indicated that the loss is covered by insurance, with total damages estimated at approximately $155 million.
Manufacturers like Porsche and Bentley have begun notifying customers and reordering units to replace the lost inventory, which included nearly 1,100 Porsches and 189 Bentleys destined for the American market.