A car carrier was grounded on a sandbank on purpose by its crew because it was severely listing and could have capsized.
The pilot and master were praised by the ship's owner for "saving" the vessel and crew by grounding the ship, and showed "great skill".
Salvage experts are assessing how to refloat the Hoegh Osaka after it ran aground off the Isle of Wight in one of the country's busiest shipping lanes.
Overnight 25 crew members were rescued by a helicopter and lifeboats from the cargo ship which was heading towards Germany and became grounded on a sandbank near the Isle of Wight.
Two of the crew were taken to hospital with minor injuries, including one believed to be a broken leg.
The ship started severely listing shortly after it left port and is still listing "quite badly" at 52 degrees.
The cause of the listing is unclear and an investigation will be carried out.
It will be quite difficult for anyone going on board to work on the vessel, according to officials.
Experts are focusing on making sure the operation is carried out without harming the environment.
So far there has been no release of oil, they added.
Ingar Skiaker, chief executive of Hoegh Autoliners which owns the vessel, said: "Our vessel developed a severe list shortly after she left port. And the pilot and the master took the decision to save the vessel and its crew by grounding her on the bank.
"This showed great skill and seamanship on behalf of our crew when faced with such challenging circumstances."
A 200 metre exclusion zone has been set up around the ship.
Stranded
It was hoped that this morning's high tide would right the ship, but that did not happen and the 180-metre vessel remains stranded on Bramble Bank, in the Solent between Southampton and Cowes.
The stricken carrier has become a tourist attraction with Hampshire Police reporting that car parks along the coast were filling up with people wishing to view it.
The Maritime and Coastguard Agency said the salvage company Svitzer had been appointed by the ship's owners, Hoegh Autoliners, and a salvage team was on its way to make an initial assessment.
"Salvage plans will be developed by Svitzer and reviewed by the Secretary of State's Representative for Maritime Salvage & Intervention, (SOSREP).
"There is no impact on vessels transiting the Solent as the vessel is not within a shipping channel," a spokeswoman said.
One crew member is understood to have been rescued from the water while the majority of the crew had made their way to the high side of the ship and were taken to safety. Three senior officers stayed on board before being taken ashore.
National Maritime Operations Centre commander Steve Carson said: "All of the crew have been accounted for and other then a couple of non life-threatening injuries, everyone is safe and well."
In a statement, Hoegh Autoliners said it was "fully co-operating with all the authorities at this time to ensure the vessel remains safe" and confirmed the ship was not taking in any water. No pollution has been reported.
Bramble Bank is a well-known sandbank in Southampton Water and is the scene of an annual cricket match between two yachting clubs when the sands are exposed in low spring tides.
In November 2008, the Cunard liner Queen Elizabeth 2 with 1,700 passengers on board ran aground on Bramble Bank but was able to continue its journey on the rising tide after four tugs pulled it clear.
Originally posted at 14.30