The Italian navy said another 200 people had been rescued, while some media reports claimed as many as 400 people had been on board the ship -- just days after another migrant boat disaster off Libya.
"Fourteen bodies have been recovered so far. Medical workers on the Sirio and the Grecale are providing assistance to the 200 survivors," the Italian navy said, referring to two warships on the scene.
The local Jesuit refugee centre said the toll could be significantly higher, talking of at least 40 dead.
"Our personnel attended to many cases of hypothermia and dehydration," said the group's Italian head Mauro Casinghini.
Two Italian coast guard vessels and several merchant ships that scrambled to the area were also taking part in the high-seas rescue operation, the navy said, adding that a helicopter had also been deployed.
Libya has long been a springboard for Africans seeking a better life in Europe and the number of illegal departures from its shores is rising due to clement weather conditions and growing lawlessness.
The latest shipwreck happened at around 1100 GMT yesterday and some 100 nautical miles south of Lampedusa island, Italy's southernmost point.
The area is near an offshore oil rig in international waters and is closer to Libya than to Italian shores.
Italian media cited coast guards as saying that some 400 people had been on board the migrant boat, which would leave scores of people still unaccounted for.
"Our ships are there recovering the dead and saving the living. Europe is not helping us," Interior Minister Angelino Alfano said, adding: "The Mediterranean is not an Italian border but a European border".
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