Ship with 4,000 cars sinks off Singapore

, Singapore, May 23 (UPI) -- The Hyundai Motor Co. said a ship en route to Europe with 3,000 Hyundai and Kia vehicles and 1,000 second-hand Japanese cars sank early Sunday off Singapore.

The Korea Times reported the ship collided with the oil tanker MT Kaminesanl. The cause of the collision is under investigation, however no one was killed or injured in the mishap and no oil leak was reported.

The collision created a hole measuring 165 feet by 65 feet in the side of the car-carrying MV Hyundai 105, the Maritime and Ports Authority of Singapore said.

Damage was estimated at approximately $57 million, including $40 million for the vehicles and $17 million to the Hyundai vessel, according to Eukor Car Carriers, owner of the sunken ship.