South Korean President Park Geun-hye, left,?stands in silent tribute at a cabinet meeting that is broadcast on the national television on April 29, 2013. [Photo/CFP]

SEOUL -- South Korean President Park Geun-hye on Tuesday apologized for the ferry sinking, saying that the government had failed to prevent the disaster.

Addressing a Cabinet meeting which was broadcast on the national television, Park said "I am sorry to the people and heavy hearted that many precious lives were lost."

"How should I apologize for the failure to prevent the accident and for the insufficient initial response in order to comfort the pains and sufferings (of relatives of the victims) even for a moment," the South Korean president said.

Park promised that she would create a government agency in charge of dealing with such large-scale accidents.

The Sewol ferry with 476 people aboard, most of them students and teachers, sank off South Korea on April 16. Officials have confirmed 187 dead.