The Felicity Ace sank around 400 kilometers, or 250 miles, off the shores of the Azores Islands near Portugal. It was being towed after catching fire for five days, with all 22 crew members having been evacuated from the ship.

The environmental impact of the sinking could worry officials. The Associated Press reports that the ship was carrying around 2,200 tons each of fuel and oil when it went down. Furthermore, it can hold up to 18,700 tons of cargo. Experts fear that the sinking of the Felicity Ace could severely damage the surrounding ocean area, as well as create more ocean waste.

However, investigations into the environmental impact of the Felicity Ace are ongoing, but initial reports look promising.

“There doesn’t appear to be any oil pollution yet,” said Pat Adamson of MOL Ship Management, the company responsible for managing the Felicity Ace. “They’re checking on that.”

“Initial reports from the local salvage team state that the vessel had sunk at around 9AM local time having suffered a list to starboard,” wrote the Felicity Ace Incident Information Centre, which was created after the ship caught fire.

“The salvage crafts will remain around the area to monitor the situation,” the statement continued. “Further information will be provided as it becomes available.”

Adamson of the company told Bloomberg he was surprised that it sank despite the damage sustained.

“The weather was pretty rough out there,” he said, “and then she sank, which was a surprise.”

The ship was said to be carrying around 4,000 luxury cars worth $400 million. Among the types of vehicles potentially affected by the fire and sinking of the Felicity Ace were Porsche, Audi, and Lamborghini. Many of the cars were allegedly electric models.

“We are already working to replace every car affected by this incident and the first new cars will be built soon,” said Porsche Cars North America public relations vice president Angus Fitton in a statement to the Associated Press.

The severity of the damage done to the Felicity Ace due to the sinking is unknown, but Portuguese officials expressed major concern over the structural damage done to the boat. According to the Portuguese Navy, only a couple of pieces of wreckage were visible after the ship went down. They along with the nation’s Air Force are monitoring the environmental impacts of the wreck as officials try to recover what they can of the boat.

Update: 03/01/22 1:10 P.M.: This story has been updated to include more information on the Felicity Ace.