The incident happened near port of Pohang, South Korea when the 37,706-dwt bulk carrier MV Inspiration Lake was en route to Nakhodka, Russia.
“The incident resulted in the capsize of the fishing boat and sadly two of her crew have lost their lives,” Singapore-listed Uni-Asia said.
“One crew member has been rescued whilst a search for the remaining four crew members of the fishing boat is currently ongoing,” Uni-Asia stated.
The vessel Inspiration Lake is owned by Regina Bulkship, a 51% subsidiary held through Uni-Asia Shipping, wholly-owned by Uni-Asia.
Uni-Asia is currently investigating the cause of the collision and has confirmed that there was no oil leakage arising from the incident.
The Korean navy and Korean coast guard have arrived on site to coordinate the rescue operation.