More than $401 million worth of cars lost.
The Felicity Ace sank about 250 miles off Portugal’s Azores Islands as it was being towed after a fire broke out on board.
The luxury cars were headed to Rhode Island from Germany’s Emden port.
The 22 crew members were safely evacuated off the ship by the Portuguese navy.
Angus Fitton, vice president of PR at Porsche Cars North America, Inc., says “we are already working to replace every car affected by this incident and the first new cars will be built soon.”
The ship sank in water nearly 10,000 feet deep.
Approximately $438 million worth of goods were aboard the ship — $401 million of which were cars. Insurance will cover the loss.