The cargo ship Elland was carrying lumber from Romania to Turkey when it capsized in Bulgarian waters of the Black Sea on 8 February.
The ship sank near a Bulgarian village that was close to the border with Romania.
Crew members included five Georgians, five Turkish and one Indian, according to Bulgarian Interior Ministry.
The Maritime Agency of Bulgarian Transportation, Information Technologies and Communication Ministry said that all 11 crew members were rescued by the Bulgarian coast guard, before the ship sank at around 2.30pm GMT.
The ship sent out a distress call at around 6am local time (4am GMT), following which a nearby Turkish vessel rescued the onboard crew.
Maritime Agency authorities were quoted by World Bulletin as saying that investigations into the cause of the sinking are continuing, but initial findings show that the main cause was unbalanced weight.
As per the latest reports, the sinking of the ship has resulted in a spill in the Black Sea, off the north-eastern Bulgarian coast of Durankulak. The spill may be from the fuel tank of the vessel, which was full when it sank.
The ship is reported to be owned by a Turkish businessman.