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

Survivors said the captain of the ship refused to turn around when a fire broke out in the vessel's car deck about 20 miles into its 130-mile journey. As the fire burned, the crew instructed passengers to go to the opposite side of the vessel in an attempt to keep it from sinking, reports said. An explosion was heard, and high winds helped collapse the vessel. There were also reports that the captain fled in a lifeboat, abandoning passengers.

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