It's unclear exactly how many of the 477 people on board were rescued. Many jumped from the listing ship to the freezing waters below.
At one point, South Korean authorities said 386 passengers had been rescued and that 104 remain unaccounted for. But later Wednesday, they said they couldn't provide exact numbers.
What is known is that at least two people -- a woman and a student -- were confirmed dead.
The rescue operation was still underway six hours after the ferry first sent out distress signal.
Authorities could not immediately say what caused the ship to sink. The weather at the time of the incident in the area was clear.
'I wanted to live'
Among the passengers the ferry, Sewol, was carrying were 325 students.
The group left from the port city of Incheon, just west of Seoul, for a four-day trip to the resort island of Jeju.
Around 9 a.m. local time, the ferry sent out its first distress call. It had begun to list.
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