Claims News Service, Feb.7, 10:36 a.m. EST -- A ferry carryingmore than 1,400 people sank after catching fire in the Red Sea Feb.3 while crossing from Saudi Arabia to Egypt. Officials believearound 1,000 people to be dead, with some 400 people rescued. Thevessel was owned by the Egyptian firm Al-Salam Maritime TransportCompany, according to reports, who said the ship was carrying 1,310passengers and an Egyptian crew of 104. The ferry was reported tobe carrying about 220 vehicles.

Survivors said the captain of the ship refused to turn aroundwhen a fire broke out in the vessel's car deck about 20 miles intoits 130-mile journey. As the fire burned, the crew instructedpassengers to go to the opposite side of the vessel in an attemptto keep it from sinking, reports said. An explosion was heard, andhigh winds helped collapse the vessel. There were also reports thatthe captain fled in a lifeboat, abandoning passengers.

According to Insurance Day, the ferry is insured in the Lloyd'smarket and the insurance cost of the hull is likely to be between$40- and $50 million. The publication added the replacement cost ofthe vessel is estimated at $100 million. The Egyptian governmenthas offered $5,000 to each family affected by the disaster, BBCNews said.