A South Korean cargo vessel capsized off the coast of the northern Philippine island of Luzon, but all 22 crewmen survived the ordeal, police said on Friday.
The Nam Yang 8, which was loaded with magnetite, went down off the coast of Aparri in Cagayan province hours after it left port Thursday night, provincial police chief Roberto Damian said.
The South Korean crew managed to save themselves by deploying a life boat after abandoning the ship.
They reached the shores of nearby Claveria town Friday morning, Damian said in a report to Manila headquarters that was released to the media.
All crew members were in good health, except for one who was injured by the ship's propeller, Damian said.
The ship's captain, Jon Ki-Ung, told local officials the vessel listed to its left side because of its unbalanced cargo.
He did not say where the boat was headed with the magnetite, a magnetic material commonly used in the manufacture of steel, magnets, paints, ink and cosmetics.
Sea accidents are common in the Philippines, where corruption has for years allowed ship operators to skirt maritime safety laws.
At least six people were killed and dozens more believed missing after the MV Baleno-9 ferry sank off the coast of Batangas province south of Manila on December 26.
On Christmas eve, another Philippine ferry, the wooden-hulled Catalyn B collided with a fishing vessel and sank in Manila Bay on Christmas Eve, leaving four dead and 23 missing, according to the manifest.