The Sanchi tanker, registered in Panama, collided with the CF Crystal some 160 nautical miles off the coast near Shanghai, Reuters reported on Sunday citing the Chinese Ministry of Transportation.

The tanker was carrying 136,000 tons of gas condensate, which equivalent to just under 1 million barrels worth around $60 million based on current global crude oil prices.

“Sanchi is floating and burning as of now. There is an oil slick and we are pushing forward with rescue efforts,” the ministry said on Sunday, adding it had dispatched four rescue ships and three cleaning boats to site as of 9 a.m. (0100 GMT).

Reuters ship tracking data shows Sanchi was built in 2008 and is managed by the National Iranian Tanker Company (NITC).

The tanker was due to arrive at Daesan in South Korea from Kharg Island in Iran on Sunday, according to Reuters ship tracking.

This is the second collision involving an NITC-operated vessel in recent years. An Iranian supertanker hit a container ship in the Singapore Strait, with no loss of life or pollution, in August 2016.