The Sanchi tanker, registered in Panama, collided with the CF Crystal some 160 nautical miles off the coast near Shanghai on Saturday evening, Chinese ministry of transportation said in statement on Sunday.
The tanker’s 32 crew members were missing on Sunday, Reuters reported.
It was sailing from Iran to South Korea, carrying 136,000 tonnes of condensate, an ultra light crude. That’s equivalent to just under 1 million barrels worth around $60 million based on current global crude oil prices.
“Sanchi is floating and burning as of now. There is an oil slick and we are pushing forward with rescue efforts,” the ministry said, adding it had dispatched four rescue ships and three cleaning boats to site as of 9 a.m. (0100 GMT).
South Korea has also sent a ship and helicopter to help.