Beijing, Nov 1 Panama-flagged cargo ship sank in Monday evening in the waters of the city of Zhanghua, located on the west coast of the island of Taiwan, 12 people were missing, China Central Television reported on Tuesday. cement, sank off the coast of Taiwan's Zhanghua due to failure of the main engine.There were 17 crew members on board, five of them were rescued by a passing cargo ship, 12 were missing. Taiwanese patrol ships were sent to the area of the incident for search and rescue operations.