The fire broke out around 9:30 p.m. Wednesday at Export and Marsh streets in Newark.
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Newark firefighters were dispatched to the location following a report of multiple vehicles on fire on a ship at Port Newark.
Upon arrival, firefighters located the fire, which broke out in five to seven cars on the 11th and 12th floors of the ship, named the Grande Coaster Eadoirio.
"Members made an attempt to extinguish the fire but got pushed back by the intense heat. Two firefighters were lost while conducting this action of backing out of the structure," Newark Fire Chief Rufus Jackson said.
The unidentified firefighters were eventually located inside the large ship. They were pronounced dead at the scene.
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"We lost two firefighters today," said Newark Mayor Ras Baraka. "A tragedy for us in the city of Newark and tragic for all firefighters who know what it means to go in a burning structure in a danger that you are going to have to experience when you do so."
Several firefighters were injured while battling the flames. They were transported to University Hospital in Newark for treatment.
The ship was carrying about 5,000 vehicles. Firefighters battled the blaze well into the early morning hours.
"There are about 5,000 cars on the boat, just to give you a perspective. This is a very huge structure that these guys had to breach. In the process we had two calls for maydays," Baraka said.