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A Liberia-flagged container ship, MSC ELSA 3, met with an accident 38 nautical miles southwest of Kochi.
Some cargo containers, possibly carrying dangerous materials, fell into the sea.
The Kerala State Disaster Management Authority (KSDMA) warned the public not to touch or approach any containers that may wash ashore.
The ship had left Vizhinjam port and was headed to Kochi when it tilted heavily.
Of the 24 crew members, 21 have been rescued by the Indian Coast Guard; 3 more are awaiting rescue.
The type of fallen cargo is still being confirmed, but it may include harmful substances.
Rescue operations are ongoing with ships and aircraft from the Indian Coast Guard and Navy.
The KSDMA issued an alert about a possible oil spill, especially between central and northern Kerala.
The Kerala State Pollution Control Board is also on alert for possible environmental damage.
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