Four merchant ships in the area recovered three rafts, and rescued the two Filipino crew members yesterday, said Gaston Jaunsolo, a spokesman for the navy.
The crew of the Stella Daisy, a Very Large Ore Carrier (VLOC) with a capacity of more than 260,000 tonnes, comprised 16 Filipinos and eight Koreans.
The search for the others continued.
The ship had issued an emergency call on Friday shortly before noon (local time), saying it was taking on water, according to the navy.
He said the first ships to reach the scene had detected a "strong smell of fuel" and spotted debris, "an indication that the damaged ship had sunk," a statement from the navy said.
The ship, which is flagged in the Marshall Islands, had departed from a port in Brazil. Its intended destination was not immediately clear.
Brazil is sending an aircraft to assist in the search, officials said.
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