My Song, a 40-meter Baltic 130 Custom sailing yacht, is reportedly missing after it fell off from a cargo ship.

The yacht was owned by Italian billionaire Pier Luigi Loro Piana and was being moved between the Spanish island of Mallorca and the Italian city of Genoa when it slipped from a cargo ship in the Mediterranean.

Pier Luigi is an heir to the high-end clothing company Loro Piana, which was founded in 1924 by his grandfather Pietro. He and his brother took the brand worldwide before selling an 80 percent stake to French luxury giant LVMH for $2.6 billion in 2013. Pier Luigi still has an estimated 8 percent stake in the clothing firm as part of the LVMH deal and serves as its deputy chairman.

The luxury yacht held several awards, including Best Yacht at the World Superyacht Awards. It had also set a record during last year's RORC Transatlantic Race. "We were well-read of the loss of a yacht from the deck of the MV Brattinsborg at roughly 0400hr LT on twenty-sixth May 2019. My Song was capable of accommodating up to eight individuals, and design features included a "spectacular deck saloon with hull and superstructure ports" plus "skylights providing panoramic outboard views."

After receiving the news, shipping firm Peters & May instructed the captain of the MV Brattinsborg to attempt salvaging the yacht. David Holley, chief executive of Peters & May, said, "The primary assessment is that the yacht's cradle (owned and provided by the yacht, warrantied by the yacht for sea transport and assembled by the yacht's crew) collapsed during the voyage from Palma to Genoa and afterwards resulted in the loss of My Song overboard."

Baltic Yachts, established in 1973, is a shipyard for sailing yachts . It is in the municipality of Larsmo in Finland, where it is the largest employer.  A spokeswoman for Baltic Yachts told the press that though the company couldn't comment on the specifics of the incident, "it is very sad news and we feel for the owner." My Song was represented as a "state of the art, multi-role custom superyacht" made of advanced carbon fiber laminate in 2016 by specialist Finnish boat makers Baltic Yachts.

The yacht was decked with superior technical features like interchangeable mainsails for cruising or racing and a retractable propulsion system that would double as a stern thruster.