The captain of the 206,000-dwt Qing May (built 2012) sought help from the coast guard off Zamboanga on Sunday morning.
CNN cited Zamboanga coast guard commander Jimmy Berbo as saying his officers found two Chinese men dead on the vessel.
They were named as engineer Xie Lhichao, 28, and Zhang Weenjo, 35, the chief cook.
A third man, Liao Shiguo, a 49-year-old electrical engineer, was reportedly found with wounds to his head from an axe and was taken to hospital.
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