(BBC News) The Hoegh Osaka was run aground off the Isle of Wight on Saturday evening after developing problems once it had left Southampton, Ingar Skiaker, chief executive of Hoegh Autoliners said.
The ship is now listing at more than 50 degrees and a salvage operation is expected to take several days.
However, no oil is thought to have leaked from the ship.
Mr Skiaker said it was too early to speculate on the cause of the accident and thanked the rescue teams who took all 25 crew on board to safety.
He said two crew members had been taken to hospital with minor injuries.
Mr Skiaker said: "We know the vessel was leaving Southampton with some cargo on board and while navigating out of the channel she apparently had a list.
"The captain and master and the pilot on board decided jointly to put the vessel on the sandbank to avoid any more serious problems.
"I think they executed their duties based on their best judgement and we're not second-guessing their actions right now.
"There has been no leakage of any oil or any other substances and that's our primary focus obviously now going forward, that we keep it that way."
Asked whether there were too many vehicles on board, he replied: "No, the vessel was only one-third full."
He said the vessel was considered to be stable and that his company was working closely with their appointed salvage company, Svitzer, to "prepare for a safe and successful salvage of the vessel with minimal disruption to the port and it environment".