A total of 239 passengers and 51 crew members were on board the Italian-flagged ferry Euroferry Olympia when the fire broke out early on Friday morning.
A rescue ship has managed to evacuate most of the passengers and crew on board to the nearby island of Corfu.
According to authorities, however, eleven people are still missing.
- It is a dangerous effort and we must be careful, says Costas Katsafados, Deputy Minister of Maritime Affairs, to the Greek public service company ERT.
Remaining on board
What caused the fire is unclear, but according to the ferry company, the fire must have started in a cargo hold for vehicles.
The thick smoke has made rescue work more difficult and two truck drivers will still be on board the burning ship.
According to the Coast Guard, an extensive effort is underway to free the remaining and the fire brigade's specialist forces have been called in.
Ten of the evacuees are being cared for in hospitals for, among other things, breathing difficulties, but no one is feared to be seriously injured.