The five went missing after their lifeboat capsized in choppy waters while 16 were rescued by local fishermen and one drowned on Wednesday. Fifteen sailors were rescued on Thursday from the ship, which had a crew of 37 on board.
The Directorate General of Shipping (DGS), which ordered a preliminary probe into the incident, will soon begin salvage operations of the ship, belonging to Mumbai-based Pratibha Shipping Company.
The salvage operation is likely to start from November 7, the Directorate said last night.
The Madras high court had on Friday ordered that the vessel not be moved out of Chennai Port until further orders.