Officials say seven crewmembers have been rescued from liferafts after their ship sank in the Bay of Biscay.
Coastguard response crews from Falmouth as well as Spain, France and the US responded to the collision that occurred 240 miles south-west of Land's End.
The Dominic Republic flagged cargo ship, Florece, sank after colliding with the Bahamas flagged chemical tanker, Afrodite.
All seven onboard the Florece managed to escape onto liferafts and were picked up by a nearby container ship, Ocean Titan.
Crewmembers from the Afrodite say they attempted to launch their fast rescue craft but were unsuccessful with the heavy swell. The chemical tanker sstained only minor damage in the collision.
Officials say satellite technology and communications made the internationally coordinated response a great success.
The Florece is owned by Dublin Bulk and managed by Berg Maritime Management. The Afrodite is owned by Southport Marine SA and managed by Tsakos Columbia Ship management.