SEOUL - Twelve Chinese crew members aboard a Panamanian-flagged ship that sank off South Korea's east coast earlier Wednesday have all been rescued, according to the country' s coast guard.

The 1,999-ton vessel that carried 12 sailors of Chinese nationality and 3,000 tons of iron ore sank at around 4:45 am local time in waters some 12 km east of the South Korean city of Ulsan, 410 km southeast of Seoul, the Ulsan Coast Guard said in an e-mailed statement.

The ship was hit on the right side of its bows by the Cypriot- flagged vessel where 24 Philippine sailors and one Greek were aboard. At that time, the fog was very thick, according to the coast guard.

The South Korean coast guard dispatched 14 patrol ships and two helicopters after the accident to rescue the sailors. The authorities are yet to identify the cause of the sinking.