BREAKING NEWS: Rescue operation underway as South Korean passenger ship sinks

(CNN) -- A South Korean ship, with around 450 passengers on board, is sinking off the country's southwestern coast, CNN affiliate YTN has reported.

Among the passengers, around 320 were students who were traveling with several teachers to the resort island of Jeju.

There are around 20 crew members on board.

Location of the stricken ship

The Mokpo Coast Guard has confirmed to CNN that 82 passengers have been rescued.

All remaining on the stricken ship have been told to jump into the water, YTN has reported. The water is 12.6 degrees centigrade (55 degrees Fahrenheit). Humans can survive for around two hours at this temperature.

The students are in touch with their parents by telephone. So far, no injuries and no deaths have been reported.

South Korean coast guard and naval vessels are involved in the rescue operation, semi-official news agency Yonhap has reported.

Source: CNN