According to MANA, One of the crew has been rescued while a search for the remaining four crew members of the fishing boat is currently ongoing, Regina Bulkship, the owner of the bulk carrier, said.
Following the collision, which occurred near Port of Pohang, South Korea, the fishing boat capsized.
The Korean Navy and Korean Coast Guard are currently on site to coordinate the rescue operation.
The incident did not result in any oil leakage from the bulk carrier, which was en route to Nakhodka, Russia at the time.
The company is currently investigating the cause of the collision and assessing the extent of the damage to the bulker MV Inspiration Lake.
A full investigation will follow, Uni-Asia Holdings Limited informed.