The 22 crew members were safely evacuated the ship after they failed to put out the fire, Zodiac Maritime said as it focuses on salvaging the vessel.
They were evacuated via lifeboat and were being transferred to a nearby merchant vessel in tandem with the US Coast Guard.
The vessel, Morning Midas, was located 483km southwest of Adak in Alaska, the Coast Guard said on its X account.
Smoke was initially seen rising from a deck loaded with EVs, the company said. It is not clear what brand of vehicles the ship was carrying.
The Liberia-flagged ship left China's Yantai port on May 26 and was on the way to Lazaro Cardenas, Mexico, according to LSEG data.
The Coast Guard said aircrew and a cutter ship have been sent to assist with the situation and three vessels were already on the scene.
One of the vessel's ship insurers, Steamship Mutual, did not immediately respond to a Reuters request for comment.
Fires onboard vessels, particularly on container ships, car carriers and roll-on/roll-off ships remain a major concern for insurers.
Fires across all vessel segments hit the highest level in a decade in 2024, according to insurer Allianz Commercial.
"The reality is the risk remains significant due to the size of these ships and the complexities involved in firefighting and salvage," Allianz said in its 2025 safety and shipping review report.
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