A large cargo vessel carrying thousands of luxury cars, such as Porsche and Lamborghini, from Germany to Rhode Island in the U.S. sank on Tuesday in the mid-Atlantic.

According to CBS News, the Panama-flagged Felicity Ace had sunk nearly two weeks after it caught fire.

The Portuguese Navy and the ship's manager said Felicity Ace sank about 250 miles off Portugal's Azores Islands as efforts to tow it started due to structural problems caused by the fire and rough seas, WBZ4 reported.

The Portuguese Navy further noted that the cargo ship sank onto the ocean at a depth of around 30,000 feet.

Joao Mendes Cabecas, the captain of the nearest port on the island Faial, told Reuters that water started to come in when the cargo ship was being towed. The captain added that the ship lost its stability and sank into the ocean.

Cabecas further noted that there were no reports of an oil leak so far, but there were fears of the fuel tanks being damaged while it lies at the bottom of the ocean, BBC reported.

In response to the tragedy, the Portuguese Air Force dispatched a plane to the area where the sinking occurred to monitor any signs of pollution. According to reports, the cargo ship carried around 2,000 metric tons of fuel and 2,000 metric tons of oil.

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Porsche, Lamborghini, Among Luxury Cars Onboard Felicity Ace

When Felicity Ace sank into the Atlantic Ocean on Tuesday, luxury cars such as Lamborghini and Porsche were onboard. Insurance experts told Reuters that the incident could result in around $155 million losses.

The total number of cars in the cargo ship was not clear. However, reports noted that the size of the cargo ship could accommodate at least 4,000 vehicles. Portuguese authorities said the cargo ship carried electric and non-electric vehicles.

Volkswagen mentioned that the damage to the cars would be covered by insurance. However, the company did not say how many cars they had on the ship.

Meanwhile, Bentley and Porsche confirmed that they have units in the cargo ship. Bentley noted that they have 189 cars in Felicity Ace, while Porsche said they have about 1,100 units onboard.

Porsche noted that they are now in the process of contacting their customers in the United States.

"We are already working to replace every car affected by this incident and the first new cars will be built soon," Angus Fitton, vice president of public relations at Porsche Cars North America Inc., told Associated Press.

On the other hand, Lamborghini has not yet stated how many units they have on the ship.

Cargo Ship Felicity Ace Going to Rhode Island Caught Fire

Aside from sinking into the deep ocean, cargo ship Felicity Ace also experienced other tragedies as it traversed to Rhode Island in the U.S. from Germany.

It can be recalled that a fire broke out in the cargo ship on February 16 while it was traveling. At least 22 crew members were rescued by a Portuguese Air Force helicopter when the fire broke out, setting the ship adrift into the ocean.

Portugal's Navy confirmed no casualties when the fire broke out on the cargo ship. The rescued crew members were taken to a hotel after being saved.

According to reports, suspicion on what started the fire has fallen on the lithium batteries used in the electric vehicles. However, officials underscored that there was still no firm evidence on what caused the fire in the cargo ship.

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This article is owned by Latin Post.

Written by: Joshua Summers

WATCH: Cargo Ship Full Of Luxury Cars Caught On Fire In Atlantic - From NBC News