A vessel tows rescue rafts during an operation off the coast of northern Cyprus after a ferry capsized.Credit [AFP via Getty Images]

A major search and rescue operation is underway off the coast of northern Cyprus after a high-speed passenger ferry capsized and sank, leaving at least eight people dead and 18 others missing.

The Turkish-flagged vessel, identified as the 40-metre catamaran Filo Jet, was carrying 259 passengers and eight crew members when the incident occurred, according to BBC.

Operated by Filo Denizcilik, the ferry departed the northern coastal resort town of Kyrenia at about 12:30 pm local time, heading across the eastern Mediterranean towards Tasucu on Turkey’s southern coast.

According to Ünal Üstel, prime minister of the self-proclaimed Turkish Republic of Northern Cyprus (TRNC), the vessel began taking on water shortly after departure after being hit by two powerful waves in quick succession.