Researchers have found the 2,700-year-old remains of a shipwreck, from ancient Phoenicians, that is in great condition considering how long it has been underwater. This archaeological treasure sunk in waters near Malta, and probably dates back to around 700 BCE (before the common era).

The ship they found is about 50 feet long, and was found in waters in Gozo Island, one of the Maltese islands. This is one of the oldest ship remains that has been discovered in Mediterranean waters.

"There are very good chances that the wooden hull is still present, buried beneath the sand," said Timmy Gambin, co-director of the project to recover the ship. He teaches maritime archaeology at the University of Malta.

Gambin teamed up with researchers from Texas A&M University and the French National Research Agency. They found items from the ship in the waters nearby. The cargo was "in a fantastic state of preservation," Gambin said. Containers aboard the ship were found intact, probably because the ship's blow was softened by sand when it made impact with the seafloor after sinking.

The ship contained jars and grind stones. So far, they have found around 20 grinding stones, each made from volcanic rock and weighing about 75 pounds each.

"The stones, probably coming from Sicily, were being transported to be sold elsewhere in the Mediterranean," said Gambin.

The ship was probably making a trade route along Sardinia in Italy and Malta. The research team found 50 vessels called amphorae, made with two handles. These were used to carry wine and oil.

Phoenicians lived in what is now considered Lebanon. They created the first known alphabet and their traders may have been the first people to live in Malta, using the deserted islands as a haven along their trade route.

"The shipwreck may offer new and significant information about Phoenician seafaring and trade in the central Mediterranean during the archaic period," Gambin said. "To date, little is known about the earliest contact of Phoenician mariners with the Maltese islands."

The French National Research Agency is funding a high-res 3-D model of the shipwreck. The model will be based on the many photographs the team took of the ship, over 8,000 in total. The team is keeping the site of the wreckage under wraps for the time being to discourage people from disturbing the site. They are still working on recovering items from the site of the wreckage.

"We have recovered some objects this year and are currently planning future seasons of work on this site," Gambin said.

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