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The Marigalante ship sank off the Mexican coast on Friday, Oct. 10, due to a system failure

The historic vessel, built in 1987, is a replica of Christopher Columbus' Santa Maria ship

"All passengers were safely evacuated without risk," the ship's company confirmed

The Marigalante, a replica of Christopher Columbus' Santa Maria ship, has sunk off the Mexican coast, it has been announced.

On Friday, Oct. 11, the historic ship sank off the downtown shoreline of Puerto Vallarta due to a failure with the bilge system, according to a statement from the company that owns the vessel obtained by PEOPLE.

The Marigalante was returning to port for technical repairs when “the system malfunction worsened,” causing the ship to “slowly submerge into the waters,” the company said. All

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