BULK carrier OS 35 beached 200 metres off the east side of the Rock after a collision with a refueling ship overnight.
The Gibraltar Port Authority (GPA) that is keeping a close watch on the situation said the crew is safe and sound with no oil or diesel leaks leaks reported so far.
Environmental protection boats have deployed 400 metres of boom in case any spill occurs.
The GPA has warned all sea users to stay 200m from the stranded ship.
Throughout the emergency authorities had close contact with Algeciras port in case their help is needed to tackle the situation.
Bay collision
The incident was sparked off after the Tuvalu-registered bulk carrier OS 35 hit the ADAM LNG ship as it left the Bay of Gibraltar.
The GPA then told the OS 35 captain to beach the ship on the eastern side of the Rock to stop it sinking and keep the crew safe.
The bow of the ship is now resting in 17m of water, leaning only three degrees to starboard.
All 24 crew of the OS 35 are still onboard after the Captain of the Port said they were at not in any danger.
The ship is loaded with 183 tonnes of heavy fuel oil, 250 tonnes of diesel and 27 tonnes of lube oil.
It was leaving Gibraltar to head to Vlissengen in the Netherlands when the collision happened.
Every government agency with boats is now at the scene ready for any development.