Caimão, a dredger owned by Sofareia, sank on Wednesday afternoon at 5:00 p.m. in the channel at the Faro Olhão entrance to the Ria Formosa in the Olhão council area.
The vessel was being towed and had one crew member on board, who was rescued by the Maritime Police.
The Maritime Police monitored the entrance and warned captains to take alternative routes as the exact location of the dredger was not immediately known.
The company, who lost a dredger in the Ria Formosa in February last year, the Brasinho, now have to present a plan to remove the sunken vessel and will have to lodge a deposit.
The entrance was reopened on Thursday evening after Maritime Police divers confirmed the exact location of the dredger, 26 metres under the water, roughly where it had been seen to sink.
