Cargo Ship Carrying About 4,000 Lamborghini’s, Bentley’s, Porches Sinks Into The Ocean

A Panama-flagged cargo ship carrying luxury vehicles worth millions of dollars has sunk into the Atlantic Ocean.

The ship was ferrying luxury cars- including models from Porsche, Bentley, Audi, Lamborghini and other Volkswagen AG brands- from Germany to the US when it caught fire two weeks ago. About 22 crew members were evacuated when the fire broke out on the 16^th of February.

The ship burned intensely for days and it was being towed to safety when it sank due to structural problems caused by the fire and rough seas, according to a port official. The vessel is now at the bottom of the Atlantic at a depth of about 3,500m (2.17 miles).

Incident insurance experts Russell Group Ltd. estimated that the cargo onboard the Felicity Ace was worth about $438 million, of which the cars on board accounted for about $401 million. Russell estimated that VW could face losses of at least $155 million. However, Volkswagen previously said the damage to the vehicles was covered by insurance.