Reports are that the 290 meter 114,500 ton cruise ship Costa Concordia has run aground 42 50N 12 50E, on Isola Del Giglio, Italy
Update 14/0730 UTC: First pictures are coming in. This was sent from Giglio just a few minutes ago.
As you can see, Costa Concordia has rolled over on her side and sunk against the rocks just outside the breakwater at Isola del Giglio. There are various reports that anywhere from 6 to 8 people have perished after the ship struck bottom and ripped a 50 meter gash below the waterline on her port side. Estimates are that 35 people suffered injuries, some of them serious.
First reports are suggesting the ship developed a major electrical fault and may have drifted into reefs outside Porto Giglio. Apparently everyone is now off the vessel.
Giglio news has a webcam here which gives you a view of the harbour and the Concordia wreck. You might have some trouble getting on. It's busy.
Update 14/1725 UTC: The BBC has several video shots of the ship. This first one shows her laying against the rocks. This second set gives you a better picture of the damage. (Scroll down to the 2nd video on that page).
The damage is massive which would indicate this vessel hit bottom with a considerable amount of force. I'm questioning the "electrical fault" which was first announced. From the damage sustained and the location it looks more like the any electrical failure likely occurred post-grounding.
Also, note that the damage is on the port side. The ship rolled over to starboard. That tells a story in itself. More on that later.
Update 14/2045 UTC: Last update before a whole new post on the subject. Take a real hard look at this picture.
Inside that massive tear in the hull is a ROCK. That rock is approximately the same size as the 25 person liferaft hanging in the upper right of the photo. This ship did not drift onto the rocks; it hammered them with enough forward momentum to rip away and embed something a bulldozer would have a tough time moving.