The Coast Guard said 27 people were on board, 14 of whom were rescued, but two were unconscious.
The other 13 remain missing.
In response, the Coast Guard is mobilizing six patrol ships, two helicopters, and eight civilian fishing boats to search.
Prime Minister Han Deok-soo issued an emergency order saying that saving lives is the best thing to do in connection with the sinking.
Minister of Public Administration and Security Lee Sang-min ordered related agencies such as Jeju Island and the Korea Coast Guard to make all-out efforts to rescue survivors by mobilizing all available resources.
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