Venezuelan rescue official said that the thick smoke is hindering the search of the missing in the cabins below the deck.
A TV News report quoted naval commander Carlos Maximo as saying that the helicopter with navy firemen aboard will be sent by the Venezuelan navy to assist in extinguishing the fire.
Rafael Lugo, the national commander of Venezuela's Maritime Rescue and Aid service said in the news agency report that the 'Aegean Wind' was 33 nautical miles (61 km) northeast of the Venezuelan Caribbean island of La Blanquilla.
Lugo said that the fire broke out at 4.00 am.
Some of the injured have been airlifted by the Venezuelan navy helicopter and taken to Margarita.
The ship which was operated by operated by Athens-based Atlantic Bulk Carriers in 1983 had 24 crew.