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The 135-foot (41m) M/Y Seafaris caught fire and sank off the coast of Australia on Oct. 3, according to news reports. Eight crew and eight guests abandoned ship and were rescued about 90 minutes later by a freighter. No injuries were reported.
The yacht sits in 20m of water near the Great Barrier Reef north of Cairns. Officials are monitoring the site for pollution.
The yacht was launched in 2006 by Forgacs Shipyard in Newcastle, New South Wales, and ran charters to the reef. The cause of the fire has not yet been determined.