American billionaire and explorer Allen announced the find of the Musashi - one of the most sophisticated battleships ever built - in the Sibuyan Sea in the central Philippines eight days ago, after a high-tech mission lasting eight years.
It was the latest of many searches for the ship, with its discovery coming some 70 years after it was sunk by US forces in World War II.
"We think we're conveying something to the world which is significant. It also teaches us about the past and what happened," said Yannick Olson, captain of Allen's yacht, from where the mini-sub was being directed.
Excited historians have likened the discovery to finding the wreck of the Titanic, the famed British passenger liner that sank in the North Atlantic Ocean after colliding with an iceberg in 1912.
However, the video streamed on Allen's website showed no human remains.
"It's quite clear it didn't land on the bottom in one piece," Olson said. "The destruction was total."
Barnacles and light-coloured coral clung to the broken hull, propellers and anchor of the 863-foot ship, as well as on corroded sections of range-finders for the ship's guns, their armour plating ripped off.
An eel was seen crawling out of the remains of the warship's aeroplane catapult, with instructions in Japanese script written on it, while two pink fish patrolled outside the hull.
Scott Matthews, a commentator for the live-stream, said the Allen expedition took two weeks to explore the debris field, which measured about 0.44 square kilometres.
The Philippine government said last weekend that it would take control of the wreck and coordinate with Allen over its exploration.
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