The KM Lestari Maju also carrying 48 units of motor vehicles including cars and motorcycles sank when it was on its way to the regency Selayar in South Sulawesi at around 14.30 local time.
Bulukumba BNPB spokesman Sutopo said leaks on the hold of the vessel was believed to be the cause of the accident.
"A rescue team from the National Search and Rescue Agency (SAR) is now on its way to the location where the vessels was believed to have sunk," Sutopo said.
Last month , a ferry with around 190 people on board sank in Lake Toba, North Sumatra. Most of the passengers still missing believed dead .
After two weeks failing to locate the ill fated ferry, the SAR called off the search on Tuesday in the 450 meter deep lake.
Reporter: Dewanto Samodro
Editor: Yosep Hariyadi
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