A large cargo vessel carrying cars from Germany to the United States sank in the mid-Atlantic, 13 days after a fire broke out on board, the ship's manager and the Portuguese navy said.

The Felicity Ace sank about 400 kilometres off Portugal's Azores Islands as it was being towed, MOL Ship Management in Singapore said in a statement. A salvage team had put out the fire.

Onboard there is estimated to be carrying in excess of $550 million worth of vehicles, including models from Porsche, Lamborghini and Bentley.

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The 200-metre-long vessel listed to starboard before going under, the ship's manager said.

The Portuguese navy confirmed the sinking, saying it occurred outside Portuguese waters.

A Portuguese Air Force helicopter evacuated the 22 crew members when the fire first broke out, setting the ship adrift.

Ocean-going tugboats with firefighting equipment had been hosing down the ship's hull to cool it.

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It wasn't clear how many cars were onboard the ship, but vessels of the Felicity Ace's size can carry at least 4000 vehicles.

European carmakers declined to discuss how many vehicles and what models were on board, but Porsche customers in the United States were being contacted by their dealers, the company said.

"We are already working to replace every car affected by this incident and the first new cars will be built soon," Angus Fitton, vice president of PR at Porsche Cars North America, told The Associated Press in an email.

The ship was transporting electric and non-electric vehicles, according to Portuguese authorities.

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Suspicion on what started the fire on February 16 has fallen on lithium batteries used in electric vehicles, though authorities say they have no firm evidence about the cause.

Authorities feared the ship could pollute the ocean.

The ship was carrying 2000 tonnes of fuel and 2000 tonnes of oil.

It can carry more than 17,000 tonnes of cargo.

The Portuguese navy said in a statement that only a few pieces of wreckage and a small patch of oil was visible where the ship went down.

The tugboats were breaking up the patch with hoses, it said.

A Portuguese Air Force plane and a Portuguese navy vessel are to remain at the scene on the lookout for signs of pollution.

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US President Joe Biden used his first State of the Union address to declare Russian counterpart Vladimir Putin is "isolated from the world more than he has ever been" as a result of sanctions over the invasion of Ukraine.

Mr Biden spent the first part of the speech addressing Russia's war against Ukraine and the Western response to the invasion, and announced a new sanction — closing off US airspace to Russian aircraft.

"Tonight, I'm announcing that we will join our allies in closing off American airspace to all Russian flights, further isolating Russia and adding additional squeeze on their economy," he said.

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He also announced the U.S. would go after the "ill-begotten gains" of Russian oligarchs, with the Department of Justice to launch an investigation.

"Tonight I say to the Russian oligarchs and corrupt leaders who have bilked billions of dollars off this violent regime: No more."

Mr Biden has also touted the effects of existing sanctions, saying Russia's economy has been damaged and its military weakened for "years to come".

"The free world is holding him [Putin] accountable, with 27 members of the European Union, including France, Germany, Italy, as well as countries like the United Kingdom, Canada, Japan, Korea, Australia, New Zealand, and many others, even Switzerland, are inflicting pain on Russia and supporting the people of Ukraine.

"Putin is now isolated from the world more than he has ever been."

Mr Biden said the invasion of Ukraine has led to a show of unity from most of the world against Russia.

"While it shouldn't have taken something so terrible for people around the world to see what's at stake, now everyone sees it clearly," he said.

"We see the unity among leaders of nations, a more unified Europe, a more unified West. We see unity among the people who are gathering in cities and large crowds around the world, even in Russia to demonstrate their support for the people of Ukraine.

"And in the battle between democracy and autocracies, democracies are rising to the moment and the world is clearly choosing the side of peace and security."

READ MORE: 'The only thing that can deter Putin now is a phone call from President Xi'

Biden calls to raise minimum wage

Speaking on domestic matters, Mr Biden called for the minimum wage to be raised up to $15 per hour.

"Let's pass the pay cheque fairness act and paid leave," he said.

"Raise the minimum wage to $15 an hour. And extend the child tax credit so no one has to raise a family in poverty."

Mr Biden also used the State of the Union to call for "proven" measures to improve gun control.

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"Ask for universal background checks. Why should anyone on a terrorist list be able to purchase a weapon? Why?" he said.

"Ban assault weapons with high-capacity magazines of over 100 rounds. Do you think deer are wearing Kevlar vests?

Remove the law that means gun manufacturers are the only industry in America that cannot be sued.

Imagine if we did this with the tobacco industry.

"These do not infringe on second and immense, they save lives."

Mr Biden also called for an end to laws targeting transgender people and for women's right to an abortion to be maintained.

He also said social media companies needed to be held to account for impacting the mental wellbeing of children.

"We must hold social media platforms accountable for the experiment they are taking on our children for profit," Mr Biden said.

"It is time to strengthen privacy protections.

"Ban targeted advertising to children.

"The big tech companies must stop collecting personal data on our children."

READ MORE: Why Putin may use 'vacuum bomb' in Ukraine

Mr Biden finished the address with a note of optimism.

"The state of the union is strong because you, the American people, are strong," he said.

"We are stronger today, we are stronger today than we were a year ago. And we will be stronger a year from now than we are today.

"This is our moment. To meet and overcome the challenge of our time and we will."

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Sea foam is blanketing the coast along Sydney's northern beaches as much of the state braces for more wild weather.

The foam is covering most of the sand at Collaroy Beach, a stretch of the coast that was severely impacted by storms in 2016.

A controversial sea wall was partially installed on the beach after houses were washed into the ocean, but homeowners are concerned their properties are still at risk.

LIVE UPDATES: Rain bomb heads for Sydney

The $25 million 1.3-kilometres construction stretches from Collaroy to South Narrabeen and most of the cost is being bankrolled by around 50 homeowners.

The remaining 20 per cent is split between Northern Beaches Council and the NSW Government.

But the structure has divided locals, with many describing it as an eyesore, and there are concerns it may wipe out the beach entirely.

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The wall is set to be seven metres tall, but three-quarters will then be covered by sand brought onto the beach.

It comes as much of central eastern NSW remains on high alert as a dangerous rain bomb that has caused deadly flooding in Queensland and Northern NSW makes its way down the coast.

Up to 200mm of rain is forecast to hit Sydney later in the day, and the NSW South Coast is also in the firing line.

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