A ferry carrying 267 people has capsized off the coast of Northern Cyprus, with at least seven people reported to have died and around two dozen people still missing, according to local officials.

The vessel, named , was headed towards the Turkish port of Tasucu when the incident happened about two kilometres north of its departure point, the town of Kyrenia, on Sunday, local media reported.

On Sunday afternoon, Tufan Erhürman, President of the self-proclaimed Turkish Republic of Northern Cyprus (TRNC), said in a statement that seven people had died and 23 people of the 267 on board were unaccounted for.

Earlier on Sunday afternoon, Ünal Üstel, the prime minister of the TRNC, said that six of the 267 people on board the ferry – which left Kyrenia at around 12.30pm local time (10.30am BST) – had died while 172 people had been rescued.

Üstel told the news agency: “The vessel was supposed to travel to Turkey yesterday, but departed today due to weather conditions.

“However, it was hit by a first wave at sea, and while the captain was trying to recover, the vessel began taking on water after a second wave hit.”

The TRNC, which is recognised only by Turkey, controls the northern third of Cyprus, which has been divided since 1974.

The 40m long, 10m wide vessel sails under the flag of Turkey, according to Marine Traffic.

A statement from Turkey’s interior ministry said the privately operated ferry, belonging to the company Filo Denizcilik, was carrying 259 passengers and eight crew members when it “started to take on water four miles off Kyrenia Harbour and was in danger of sinking”.

The Turkish Cypriot coastguard dispatched four boats and two helicopters to engage in search and rescue efforts, with ambulances stationed on shore. Several other boats from the Turkish coastguard have also been deployed.

Another passenger vessel also took part in rescue operations, it has been reported.

Footage shared on social media, some of which has been broadcast on local television, appeared to show the upside-down ferry in the water with some people wearing life vests atop its hull and others in the water as a helicopter hovered overhead.

Earlier on Sunday, Murat Şenkul, Kyrenia’s mayor, described the situation as “very serious”, saying in a Facebook post that rescue efforts were underway and asked the public not to speculate on the incident.

Filo Denizcilik, the company which operates , has said it is “deeply saddened by the tragic accident”.

It said it had mobilised resources to co-ordinate with search and rescue teams and set up a hotline to provide passengers’ relatives with information.

This is a breaking news story and will be updated.