UPDATE: 5.15pm - The RNLI has released video footage of the sinking vessel and rescue operation.
It shows a crew member being winched to safety by the search and rescue helicopter from RNAS Culdrose.
UPDATE: 12.10pm - There is reportedly a glimmer of hope that the cargo ship, named Sea Breeze, could be salvaged.
A tug boat is en route to the stricken vessel, which is sinking stern first.
A spokesman for Falmouth Coastguard said there was a possibility the 87-metre ship could be towed back to dock.
Sea Breeze and her six-man crew were transporting limestone from Liverpool to Shoreham when the engine room became flooded, and water pumps failed to work.
UPDATE: 10.15am - Coastguards have reportedly said there is no hope of salvaging the ship and its cargo, thought to be limestone.
The vessel was registered to Barbados. The captain and his five crew members are all safe.
UPDATE: 9.15am - ALL six crew members are now aboard RNLI lifeboats. It has been confirmed that the cargo vessel is sinking.
UPDATE: 8.50am - IT is understood the ship is now sinking. The RNLI have confirmed that the crew members are being taken to safety. A spokeswoman tweeted: "The pumps are not able to cope and the crew are being taken off the vessel."
EARLIER: A SHIP carrying six crew members is in difficulty 11 miles off Lizard Point after its engine room flooded.
RNLI lifeboat crews, coastguards and the search and rescue helicopter were called out to the scene at around 7.10am.
It is understood that the pump, designed to carry water out of the engine room, failed on the 87-metre vessel.
Other ships in the area have also been asked to assist, and are en route.
A spokeswoman for the RNLI said: “We are trying to help pump the vessel out. A number of other vessels are also making their way to the scene to see if they can assist.”
Updates to come.