Around 06.00 an emergency signal came from Lady MM, who was 80 km off the Italian island of Sardinia. A large fire had broken out on board.
When the Italian Coast Guard appeared, they quickly realized that the ship could not be rescued.
The multi-million boat sank shortly thereafter.
However, all 17 people on board managed to get to safety with the help of lifeboats, and could then be picked up by the Coast Guard.