Grande America, owned by Italian shipping company Grimaldi, caught fire approximately 150 miles southwest of the French port of Brest in the Bay of Biscay.
The blaze was put out by the HMS Argyll of the Royal Navy and 27 seafarers onboard were saved.
After docking in Morocco, it was supposed to head to Brazil where customers of the Porsche and Audi cars were awaiting their precious cargo. The incident happened after a fire broke out in one of the containers and soon spread to other containers.
The ship was carrying 37 Porsches, including four models of the 911 GT2 RS, which is worth $292,200 each. Porsche informed its Brazilian customers that it would restart production of the model due to the sinking. Another European car maker, Audi, lost a number of its vehicles in the shipment, including the Audi A3, A5, RS4, RS5, and Q7 models