The collision, between a Panama-registered oil tanker and a Hong Kong-registered bulk freighter, occurred in waters about 160 sea miles east of the Yangtze River's estuary Saturday night, the ministry said.
The 32 missing crew members were all from the oil tanker. All the 21 crew members on the bulk freighter, all Chinese nationals, have been rescued, according to the ministry.
Chinese maritime authorities have dispatched eight vessels for search and rescue. After the coordination of China Maritime Search and Rescue Center, the Republic of Korea has dispatched a coastguard ship and a fixed-wing aircraft to assist in the search and rescue.
Meantime, Iranian Oil Ministry Spokesperson announced that the affected oil tanker belonged to the National Iranian Tanker Company (NITC) and it was carrying condensates for a South Korean company.
Most of the crew of the oil tanker were Iranians and the oil tanker had been insured by a reputable foreign company.