A Phoenician ship that sunk in the waters off the island of Malta around 700 BC has been discovered with its cargo in a "fantastic state of preservation."

One of the oldest shipwrecks found in the Mediterranean, the vessel is about 50 feet long and rests in a bed of sand at a depth of 400 feet, reports Discovery News.

"There are very good chances that the wooden hull is still present, buried beneath the sand," said Timmy Gambin, a senior lecturer in maritime archaeology at the University of Malta and the co-director of the international team.

(READ the story from Discovery News)