The ore carrier sent a distress call before noon on Friday saying it was taking on water. South Korean news agency Yonhap reported that the crew sent a text message to owners Polaris Shipping saying that the ship was sinking.
Two crew from the 1993-built 266,000 dwt Stellar Daisy were found drifting in a life raft, but a spokesperson from the Uruguayan Navy admitted they may be the only survivors.
"The more hours pass, the less the chances are of finding them," spokesman for the Uruguayan Navy Gaston Jaunsolo told Reuters news agency.
He said a Brazilian plane had flown over the area on Sunday morning and an Argentine war ship was due to join the search efforts. The ship sank on Friday some 3,700km off Uruguay's coast, Jaunsolo added.
Eight of the missing are South Korean nationals and 14 are Filipinos.
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