A $34m luxury yacht has been lost from a cargoship that encountered a storm in the Mediterranean.

Liguria Nautica reported that the 12,800-dwt Brattingsborg (built 2010) was transporting the boat from the Caribbean to Italy when it fell into the sea in the Gulf of Lion.

The 2016-built yacht, My Song, is owned by Italian businessman Pier Luigi Loro Piana.

It is believed to still be afloat.

My Song was returning to Italy. Loro Piana is the main sponsor of the Loro Piana Superyacht Regatta, which opens on 3 June.

Yacht transport company Peters & May organised the transport on the Jutha Maritime ship.

The vessel had left St Johns in Antigua and Barbuda on 7 May.

Cradle blamed

Peters & May said it instructed the captain of Brattinsborg to attempt salvage, whilst third-party salvors were appointed.

"The vessel maintained visual contact with My Song until the air and sea search was initiated," it added.

As of Tuesday evening, salvage attempts were still ongoing.

To ensure the safety of the remaining yachts on board, Peters & May instructed the vessel to continue its planned voyage to Genoa.

No other yachts have been affected by this incident.

"A full investigation into the cause of the incident has been launched; however the primary assessment is that the yacht’s cradle (owned and provided by the yacht, warrantied by the yacht for sea transport and assembled by the yacht’s crew) collapsed during the voyage from Palma to Genoa and subsequently resulted in the loss of My Song overboard," the company said.

This is the initial assessment and is subject to confirmation in due course, it added.

"As a leading yacht transporter for the past 40 years we take great pride in what we do and go above and beyond all standard operating procedures to ensure safe transit of all yachts carried by us," Peters & May said.

"We have procedures in place to respond to this kind of incident, although we hope that they are never required.

"This incident is more than regrettable. However the transport of yachts on cargo vessels continues to be one of the safest and most cost-effective solutions when carried out by a reputable company such as Peters & May."