A 40 metre luxury superyacht thought to be worth about $55 million has vanished after it fell off a cargo ship into the Mediterranean.

MY Song, owned by Italian fashion billionaire Pier Luigi Loro Piana, was being transported between the Spanish island of Mallorca and the Italian city of Genoa when the incident occurred.

Fox News said the superyacht, which was on the last leg of a journey that began in the Caribbean, was not secured correctly by the crew, according to the company that transported her.

Forbes magazine puts Mr Piana’s net worth at $1.6 billion.

MY Song, which was built in 2016, was being transported to Ibiza to take part in the Logo Piana Superyacht Regatta, which is running in Porto Cervo from June 3 to June 6, when it broke loose over the weekend. MY Song won the regatta last year.

David Holley, the head of Peters & May, the company that handles the transportation of MY Song, said in a statement: “Upon receipt of the news Peters & May instructed the captain of the MV Brattinsborg to attempt salvage whilst third-party salvors were appointed.”

“The vessel maintained visual contact with MY Song until the air and sea search was initiated … the salvage attempts are still ongoing.”

Mr Holley said a full investigation has been launched into the cause of the incident.

“However the primary assessment is that the yacht’s cradle (owned and provided by the yacht, warrantied by the yacht for sea transport and assembled by the yacht’s crew) collapsed during the voyage from Palma to Genoa and subsequently resulted in the loss of MY Song overboard. I will add that this is the initial assessment and is subject to confirmation in due course.”

On social media, yachting organisations and publications lamented the misfortune that befell MY Song, a star in the regatta and luxury yacht worlds. Its past honours include Best Yacht at the World Superyacht Awards.

It also set a speed record during last year’s RORC Transatlantic Race.

GCaptain.com noted that besides being an award-winning performer in competitions, MY Song was a jewel in luxuriating circles: “The interior accommodation is for six to eight guests including the owner, the focal point being a spectacular deck saloon with hull and superstructure ports, plus skylights providing panoramic outboard views.”

This story was originally published by Fox News and is reprinted here with permission.