The report noted the ship sank in waters 148.2 kilometers (92 miles) southeast of the city of Seogwipo on Jeju Island at around 1:45 a.m. local time (16:45 GMT on Tuesday).
Two of the crew members were rescued, and a joint search and rescue operation of South Korea's coast guard and their Japanese counterparts is still underway, the report said.
Citing Japan's coast guard, the NHK broadcaster reported four Chinese crew members were rescued. According to the report, the crew managed to get into lifeboats shortly before the ship sank. The location of the lifeboats remains unknown.
Shinya Kitahara, a spokesperson for the Japanese coast guard, has stated the ship ultimately sank nearly four hours after it sent a distress call around 11:15 p.m. on Tuesday. The last communication between crew members and first responders detailed personnel would abandon ship.
The cause of the grounding has not yet been determined by officials.
Earlier efforts to dispatch emergency patrol boats and aircraft were attempted; however, inclement weather prevented authorities from reaching the site.