A Mitsui OSK Lines (MOL) car carrier that caught fire south of the Azores has dramatically sunk in the Atlantic with 4,000 luxury cars aboard including Bentleys, Lamborghinis and Porches worth over $300m.

The 6,400-ceu Felicity Ace (built 2005) was being towed by the tug Bear to a place of refuge off the Azores when it went into a list and sank around 9am local time.