THE Panama Maritime Authority (AMP) has started an investigation into the sinking of a geared Venezuelan 4,250-dwt general cargo ship that was set for scrapping, but waited at anchor since March off Colon City on the Atlantic side of the canal.

Venezuela-flagged Alit had been apparently was struck by another ship that was attempting to drop anchor, reports Splash 24/7 of Singapore. The Alit was holed at the waterline and partially sank, listing to 45 degrees with danger of capsizing.

Now sunk, maritime authorities have marked the wreck with two yellow spherical buoys, one at the bow and the other at the stern, with the following light characteristics: white lights 0.5 seconds on and 1.5 seconds off.

The sunken vessel is reported to be in 16.2 metres of water lying on its side and, since it has a beam of 16 metres, so its side is just below the surface.

"Mariners are urged to exercise extreme caution and avoid the above mentioned area," warns the Panama Canal Authority Advisory to Shipping No.A-03-2016.