The wreckage of a K2 Airways cargo aircraft that went missing over the Arabian Sea has been found after a search operation lasting more than 12 hours, the Pakistan Navy and Pakistan Maritime Security Agency (PMSA) said.

The wreckage was located 53 nautical miles south of the coast of Ormara, where the aircraft had lost contact with air traffic control while en route from Sharjah to Karachi.

Rescue operations are continuing at sea to search for further evidence and crew members.

Naval and air assets of the Pakistan Navy and PMSA are taking part in the ongoing search operation.

Earlier, a cargo aircraft en route from Sharjah to Karachi had gone missing approximately 300 nautical miles off the coast of Karachi after losing contact with air traffic control, aviation authorities said on Tuesday night.

According to aviation sources, communication with the cargo flight was lost at around 9.30pm while the aircraft was flying over the Arabian Sea near Ormara.

The Pakistan Airports Authority (PAA) said a search operation had been launched to locate the aircraft, which was carrying five crew members.

The Boeing 737-400 cargo aircraft belonged to K2 Airways.

Preliminary information indicates the Boeing 737 suffered a failure in its navigation system.

The Karachi Area Control Centre (ACC) immediately issued instructions to the crew after the malfunction was detected.

Authorities said that the aircraft rapidly lost altitude at 9.21pm before disappearing from radars within seconds.

The missing aircraft belonged to K2 Airways, according to aviation authorities.

As part of the ongoing operation, the Pakistan Navy dispatched its warship PNS Zulfiqar to the affected area.

A Pakistan Air Force SAAB aircraft also participated in the search mission, sources added.

The Pakistan Navy’s ATR aircraft has taken off from Turbat and joined the search-and-rescue operation.

In a statement on Wednesday, K2 Airways identified the five crew members on board the aircraft and said it was “fully cooperating with the Pakistan Civil Aviation Authority and other government agencies”.

“We continue to pray, earnestly, for the safety of our colleagues,” the statement said.

According to preliminary data from Flightradar24, a flight-tracking platform, the plane experienced a sharp altitude fluctuation before a steep descent.