A South Korean Ferry With 450 People On Board Is Sinking

South Korea is dispatching helicopters and coast guard vessels to rescue approximately 450 passengers from a ferry sinking off its southern coast, The Guardian reports.

"The ship is taking in water and sinking," a coastguard spokesman told AFP. "We have coast guard vessels, commercial ships in the area, as well as helicopters all engaged in the rescue operation."

The ferry sent a distress signal from about 12 miles off the island of Byungpoong, BBC reported.

This is a developing story, and will be updated as we learn more.