According to the researchers, the ship carried a mixed cargo of jars and grinding stones.
About 20 grinding stones made from volcanic rock, each weighing as much as 75 pounds, were identified at the site.
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"The stones, probably coming from Sicily, were being transported to be sold elsewhere in the Mediterranean," Gambin said.
The researchers also spotted some 50 amphorae - containers with two handles and narrow necks used to hold wine and oil - made in seven different types and sizes. This would indicate the vessel had traveled to numerous harbors before sinking.
Like other Phoenician trading vessels, the ship might have made stops in Sardinia and Malta to sell its cargo.
According to Gambin, its route might have included ports of call in southern Italy, Sicily, Malta and possibly North Africa in present day Tunisia.
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Originating from what is now Lebanon, the Phoenicians were master shipbuilders and traders who criss-crossed the Mediterranean from 1550 B.C. to 300 B.C.