Hopes are fading for 46 sailors, who went missing after an explosion sank their South Korean naval ship. The incident occurred near the disputed sea border with the Democratic People's Republic of Korea.

Family members gathered at a military base in Pyeongtaek, anxiously awaiting news of their loved ones.

South Korea's navy and coast guard, together with the air force, were searching the waters near Baengnyeong Island, where the 1,200-ton vessel sank early on Saturday.

Officials said an explosion tore a hole in the rear of the ship, taking it down in a few hours. Despite early fears of an attack, South Korean officials said there was no immediate indication that the DPRK was to blame.

South Korean Marines stand guard to search for possible survivors from a sunken naval ship 'Cheonan' along the seashore on Baengnyeongdo, an island near the border with North Korea March 27, 2010. [CCTV]

President Lee Myung-bak ordered officials to make all out efforts to rescue the crew.

Kim Eun-Nye, South Korea Presidential Spokesman, said, "President Lee Myung-bak ordered officials to find the cause of the sinking quickly while keeping in mind all possibilities. During today's National Security Council meeting, no indications have so far been reported of the North's involvement."

At a naval base in Pyeongtaek, south of Seoul, grief filled the air, as relatives checked a list of missing crew members.

Missing Sailor's Relative, Pyeongtaek Naval Base, said, "I do have a little hope, even if he is missing. I keep thinking he might be alive."

Meanwhile, South Korea's defense minister said a 3-thousand-ton rescue ship would arrive by Sunday to assist with the rescue operation.

So far, officials have not confirmed any deaths, but have said some of the 58 rescued crew members were treated for slight wounds.