According to Postal, a luxury yacht valued at 700,000 euros with 12 crew members on board, ran aground in the early hours of Thursday, on Ilha Deserta, located west of the entrance of Faro-Olhão.

The luxury vessel was removed from the site days after the accident occurred using a digger and a tug boat, cited Correio da Manhã.

The accident occurred when the owner of the yacht decided to raise anchor and head to the Vilamoura Marina. It ran aground, unexpectedly, at high speed, on a spit of sand on Deserta Island, west of the Faro-Olhão bar.

After the accident, the crew even tried to tow the vessel from the site with the help of another luxury yacht.

"Following the alert received at 2:02 am, through the Lisbon Maritime Search and Rescue Coordination Center (MRCC Lisboa), elements of the Faro Maritime Police Local Command and the Olhão Lifeguard Station were immediately sent to the site," read a statement from the National Maritime Authority (AMN).

The AMN also states that "the elements of the Maritime Police went to the pier of Ilha Deserta, to meet the 11 crew of the vessel, noting that they were well physically, without the need for medical assistance, transporting them later, safely, to another yacht that accompanied the wrecked vessel, which took them to the marina of Vilamoura".

The owner of the yacht, following the accident was notified to submit a plan to remove the yacht, according to AMN.

The local command of the Faro Maritime Police was the authority that was in charge of the occurrence and opened an inquiry to ascertain the circumstances in which the maritime accident happened during the night.