At least four people were confirmed dead while around 292 passengers were still missing after a South Korean ferry, carrying 459 passengers and 20 crew members, capsized off the waters of the southern coast, the biggest sea tragedy to hit the country in more than 20 years.

Maritime officials scrambled to rescue the missing passengers believed to have been trapped in the submerged ship, as the boat listed at a 45 degree angle two hours after it sent a distress call to the coast guards.

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Of the 164 passengers rescued, 55 sustained injuries.

As frantic rescuers continue to search for the missing passengers into the night, hope is slowly fading for the 292 unaccounted for.

Families of the missing passengers agonized over the fate of their loved ones as divers and coastguard rescuers were forced to suspend their search till dawn of Thursday due to visibility issues.

Reports said majority of the passengers were high school students with their teachers on their way to a resort island in Jeju. Those who were rescued were brought to a gymnasium in Jindo Island and were attended to by medical personnel.

South Korean officials said two of the fatalities were a female crew member and a male high school student. A third body was also believed to be that of a student. A fourth fatality was confirmed but coastguard officials have not provided details about the victim.

Lee Gyeong-og,  vice minister for South Korea's Public Administration and Security Ministry, said 30 crew members, 325 high school students, 15 school teachers and 89 non-student passengers were aboard the ship.

Authorities deployed some 160 coastguard and Navy divers to search for survivors inside the ship's wreckage. Fishing boat and small vessel operators who were first to arrive at the scene managed to pull to safety some passengers.

Reports said two hours after the ferry left Incheon, a distress call was received by the coast guard as the ship began tilting to one side. At 11 am local time, the ship was almost submerged but divers were still able to rescue a number of passengers.

Around 20 patrol boats and aircraft were deployed by the coastguard in the rescue mission. The Navy likewise joined in on the rescue operations, sending its maritime assets.