On January 6, 2012, the Panama-registered general cargo ship Tycoon was moored in Flying Fish Cove, Christmas Island. The ship remained at moorings over the following days while cargo operations were carried out.

In the early hours of January 8 the wind speed and sea state increased and the moorings failed to keep Tycoon in position. At about 6:20am, the ship made contact with the adjacent rock-face and shore crane pylon. Despite several attempts to move Tycoon away, it continued to pound against the rock-face and pylon and the engine room began flooding through a tear in the ship's hull.

At about 9:30am, the decision was made to abandon ship. As seen in this exclusive video, at 10:30am the crew climbed down the ship’s accommodation ladder one at a time and jumped into the sea, where they were recovered by the crews of three Royal Australian Navy rigid hull inflatable boats which were standing by for as-needed rescue operations.

At about 11:00am on January 9, the ship suffered a catastrophic failure of its hull. The contents of its number two hold were exposed to the sea, leading to weeks of containment and recovery operations. The ship MV Tycoon was ultimately destroyed and hauled away - in shreds - on a barge.