The 2,327-dwt Cemfjord(built 1984) is partially afloat with the vessel aligned vertically with only the bow section above the waterline.
Two helicopters and four lifeboats have called off the search for the eight crew of the Cemfjord who are presumed to have died.
The Cyprus flag Cemfjord, equipped for pneumatic cargo handling, is owned by Baltic Sun Partenreederei.
Brise said the lost crew consisted of seven Polish and a Filipino seafarer and it was in the process of informing their familities.
"No distress call was received from the vessel. Bad weather prevailed in the area at the time and conditions remain difficult at the scene, with storm force winds," said a Brise spokesman.
The vessel had loaded 2,000 tonnes of cement at Aalborg in Denmark and was on a voyage to Runcorn on the Mersey in the UK at the time of the casualty.
The vessel has protection and indemnity cover from the Oslo based Skuld club.
The Cemfjord is the latest of a run of serious casualties over recent days.
