Gulf Navigation Holding has said it is "devastated" by the loss of its vessel Gulf Livestock 1 as it pledged a full investigation into the accident.
The 8,400-dwt cattle ship (built 2002) lost power and capsized in Typhoon Maysak off Japan on 2 September, on passage from Napier, New Zealand, with nearly 6,000 cows destined for the Chinese port of Tangshan.
Of 43 crew, three were rescued, but one later died. The majority of the crew was Filipino, but there were also two New Zealanders and two Australians on board.
The Dubai shipowner said contact was lost following a distress alarm early in the morning of 2 September.
Winds of 160 per km
"It is believed that the vessel sank off Japan," Gulf Navigation added.
The company said investigations into the cause are still ongoing, but "it is noted that the area encountered unusual winds gusting up to 160 km per hour".
The search was called off on Wednesday, but the Japan Coast Guard has confirmed that regular patrols by aircraft and boats will be maintained.
A Gulf Navigation spokesman thanked the coastguard and offered condolences to the families of the seafarer who was confirmed to have died.
'Deeply saddened'
"We are deeply saddened that despite all the searches only two survivors have so far been found. We hope and pray that others will have somehow survived this tragic incident," he added.
"Our thoughts and heartfelt sympathy go out to all family members and friends who are waiting at home still hoping for good news, as we all are."
The vessel was carrying cattle destined to join the Chinese dairy farming and breeding programme.
"We cannot forget that livestock, all headed for the dairy farms of China, were lost in this terrible event and can understand the feelings of those that view the loss of this many cattle with deep concern," the spokesman said.
Company 'devastated'
"Everyone in the company is devastated by the enormity of this tragic accident and thanks to all those involved in the rescue events despite the worsening weather conditions between typhoons."
Gulf Navigation is committed to a full investigation, the company said. The hope is that the two survivors can shed light on the events.
The coastguard released photos this week showing crew trying to deal with the situation as water cascaded from the ceiling of a room where banks of electrical equipment were covered with plastic sheeting.
Gulf Navigation reiterated the vessel was fully insured for all liabilities.
TradeWinds reported on Thursday that protection and indemnity mutual the West of England is set to be hit with significant claims costs from two major casualties this month, including the livestock carrier.
A fire on the 300,000-dwt New Shipping tanker New Diamond (built 2000) off Sri Lanka will also cost it dearly.
