If the ship was listing and cargo shifted to the side of the list, it simply could have turned over and sunk very quickly with no change to launch lifeboats; life rafts with quick releases should float to the surface but they may be difficult to find.
A U.S. flag ship, the Poet, with a cargo of grain disappeared one night in a storm-the cargo could have shifted and the ship may have turned turtle and sunk very quickly. I don’t believe anybody or anything including an oil slick was ever found.
Very quickly = in one or two seconds - been there done that.