The M/V Romeo sank within 10 to 15 minutes of the impact about three kilometers off the Cebu town of Naga, Cebu Coast Guard Commander Feliciano Dy said.
The Romeo, with a crew of 25, had just loaded 32,000 bags of cement at the Apo Cement Corp. wharf and was en route to Legazpi City in Albay.
On the other hand, the M/V Allison V, which had been anchored at sea, began approaching the wharf and slammed into the Romeo, Dy said.
The collision ripped a hole in the Romeo, while the Allison, with a crew of 18, did not sustain serious damage. Both ships have steel hulls.
The Romeo’s captain, Alfredo Legislador, 56, died from a broken rib, Dy said. It was unclear if the injury occurred during impact or if he was hurt when he jumped from the ship.
Two Romeo crewmen were missing. Dy identified them as checker Henry Merto and crane operator Rodolfo Malaga.
"We were leaving full steam ahead," the Romeo’s chief engineer, Hilario Saul, said. "We told the Allison by radio to stand by because we were going out. They replied ‘Roger, Roger,’ but they kept on coming. I saw the Allison coming straight at us. We were shouting... Water rushed in very fast," Saul said.
Coast Guard commandant Vice Admiral Reuben Lista said search and rescue operations were continuing for the two missing crewmen.
He said the Special Board of Marine Inquiry will question Ramil Cabiltes, skipper of the Allison.
Meanwhile, Lt. Armand Balilo, Coast Guard spokesman, said steps were being taken to prevent an oil slick from the sunken M/V Romeo. — Roberto Dejon, Jose Aravilla and Sheila Crisostomo