BREAKING: SHIP SINKS IN SOUTH KOREA, 2 Dead, More Than 293 Missing... (PHOTOS)

Rescue boats and helicopters scrambled to pluck passengers, most of them high school students, from a ferry as it slowly sank off the southwest coast of South Korea early Wednesday.

Out of the 459 people on board, 164 have been rescued, the security ministry said. Many jumped from the listing ship to the freezing waters below.

At least two people — a woman and a student — were confirmed dead. Another 293 remain unaccounted for, the ministry said.

A South Korean ship with over 400 people on board sank off the country's southwestern coast Wednesday.

A South Korean ship with over 400 people on board sank off the country’s southwestern coast Wednesday.

By afternoon, the ship was virtually submerged. At least two people are dead, with hundreds rescued and many unaccounted for.

The rescue operation was still underway Wednesday evening, hours after the ferry first sent out distress signal.

Authorities could not immediately say what caused the ship to sink. The weather at the time of the incident in the area was clear.

The ferry, Sewol, was carrying 325 students; 15 teachers; 30 crew members; and 89 other passengers.

The school group left from the port city of Incheon, just west of Seoul, for a four-day trip to the resort island of Jeju.

Around 9 a.m. local time, the ferry sent out its first distress call. It had begun to list.

As the ship listed badly, authorities ordered many passengers to jump into the water. (Photo: CNN

South Korea’s president ordered all available vessels, along with special operations divers, to contribute to the rescue effort. (Photo: CNN)

A rescued student, Lim Hyung Min, told CNN affiliate YTN that he heard a loud bump. The ferry began to sink after that. Everyone was ordered to don life jackets and jump, he said. Lim said he jumped into the sea before swimming to a rescue vessel.

“I had to swim a bit to get to the boat to be rescued,” he said. “The water was so cold and I wanted to live.”

Rescue boats scrambled to pluck passengers from the ferry as it sank into freezing water.(Photo: CNN)

Local media, including CNN affiliate YTN, reported that all students aboard the ship had been rescued. The South Korean Coast Guard hasn’t confirmed those accounts.

The rescue operation includes the U.S. Navy ship USS Bonhomme Richard, which was responding to the scene. It dispatched helicopters to the area, the Navy said.

Dive teams have been going in and out of the submerged ship looking for bodies. But low visibility has made their task difficult.

Passenger Kim Seung Mok said that, despite his efforts and those of others, he couldn’t get to several passengers on one of the decks.

“I stayed till the last to rescue people at the hall,” Kim told YTN. “But the water was coming in so fast (that) some didn’t make it out.”