The vessel, which has 300 tonnes of oil in its fuel tanks, has since been adrift in the Bay of Biscay and was about 116 kilometres off Arcachon Bay near Bordeaux on Sunday.
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The Panamanian registered Modern Express began listing last Tuesday forcing the Spanish coastguard to airlift the crew of 22 to safety.
“If this does not succeed, the Modern Express will run aground on the sandy coast… between Monday night and Tuesday night”, said De Oliveira.
Maritime prefect Emmanuel De Oliveira told a press conference on Sunday that the operations “complex and risky”.
The ship, which is carrying 3,600 tonnes of timber and digging machines, is now listing at an angle of between 40 and 50 degrees.
Stricken cargo ship “Modern Express” is seen in the Atlantic Ocean off France, Jan. 30, 2016, in a picture provided by France’s Marine Nationale.
Authorities had also compared the Modern Express’s 300-ton fuel hold to that of the Exxon Valdez, which had spilled roughly 35,000 tons of fuel.
If the ship does run aground, however, French officials have vowed to act quickly to prevent an environmental and touristic catastrophe.
Authorities said earlier that if the vessel could be towed, it would likely be taken to a port on the northern coast of Spain.
For almost a week, French and Spanish officials have tried to corral the ship.
It is “totally impossible (to) put the cargo ship upright”, De Oliveira said. “Only a helicopter approach is possible”.
It has been drifting unmanned since the crew was evacuated by helicopter last week.
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Bad weather meant yesterday’s rescue attempts failed two days after rolling seas severed a 500ft tow line as a recovery tug attempted to pull it out of harm’s way.
