The Sea Story was carrying 30 tourists from several countries and 14 crew when it sent a distress signal at 5.30am local time on Monday.
Unconfirmed reports suggest that the boat might have been struck by a wave in high winds, but the exact cause of the sinking remains unclear.
Twenty-eight people were rescued on Monday, but there are still 16 individuals unaccounted for, which includes two from the UK.
The UK Foreign Office confirmed it is providing consular support to several British nationals and their families affected by the incident.
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