The ship sailed from Emden, Germany, on 10 February 2022 crossing the North Atlantic heading for Davisville, Rhode Island.
The cargo section caught fire on 16 February 2022, the ship was about 320 kilometres (200 mi) from Terceira Island in the Azores. All 22 crew members abandoned the ship and survived, being evacuated by the Portuguese Navy.
On 18 February, Smit Salvage were contracted to salvage the ship.
Two large tugs with firefighting equipment were ordered to support the vessel from Gibraltar.
On 1 March 2022, Felicity Ace was reported to have capsized and sunk.
the ship developed a 45-degree list to starboard and unexpectedly capsized at approximately 9 am local time about 220 mi (350 km) off the Azores in rough seas.
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