The crew boarded lifeboats as the list increased.
They were picked up by a tanker the 1,200-dwt Yu Jong 2 (built 1986) five hours later. No injuries were reported.
The MSA said it did not carry out any rescue activities as a result.
The Japanese organisation said the Chong Bong was en route from Chongjin to Songnim in North Korea with an iron cargo, adding that oil had been spotted in the area.
The MSA added that the weather was not particularly severe at the time of the accident.
The vessel is operated by Chongbong Shipping, according to Equasis.
Exporting North Korean coal?