South Korea is dispatching helicopters and coast guard vessels to rescue approximately 470 passengers from a ferry sinking off its southern coast, The Guardian reports.
"The ship is taking in water and sinking," a coastguard spokesman told AFP. "We have coast guard vessels, commercial ships in the area, as well as helicopters all engaged in the rescue operation."
From Reuters:
The coast guard official, speaking from Mokpo city on the southwest coast, said a rescue operation had been launched but could provide no further details. YTN television said 100 passengers had already been rescued.
The ferry, which also carries cars and trucks, has a capacity of about 900 people.
The ferry sent a distress signal from about 12 miles off the island of Byungpoong, BBC reported.
This is a developing story, and will be updated as we learn more.