At the time of her sinking the IGARA was the largest ever single marine insurance loss in maritime history. Valued at over 25M USD loaded with 127,718 tonnes of Brazilian Iron Ore the 136,400 dwt Italian ore/oil steamship Igara was on voyage from Vitoria to Muroran when after pasing through the Sunda Strait, she struck an unchartered rock in the South China sea about 190 miles from Horsborough Lighthouse, off Mendarik Island, on March 11th 1973. However she did not sink immediately but continued her voyage until her bow settled submered and resting on the sea bottom in 120feet of wate about 70 miles from Singapore. She settled with her entire stern section sticking out of the water. The following day 27 of the 38 man crew abandoned ship being picked up in their lifeboats by passing vessels. The master and 10 crew stayed on board until March 19th when she began to break across hold no.1. Salvors used explosives to cut through the ship at hold no. 1 and the entire rear section of the ship was towed to Japan where a new forward section was attached and she was renamed the ERACLIDE.

Despite only half the wreck remaining this is a huge wreck. The site is prone to very strong currents and occasional bad visibility.