Rescue teams have recovered the bodies of six women and eight men, as well as four babies and 10 other children – five boys and five girls – local media reported.
The coast guard was able to rescue 68 people alive, while another 29 began swimming toward the beach at Farmakonisi, which is near the Turkish coast.
The rescue operation involving several helicopters and vessels has been continuing all day and authorities fear that they will find more casualties.
At present it is not known what led ship to founder. This is the third deadly shipwreck over the weekend in the region.
On Saturday, four children disappeared when a plastic boat carrying at least 28 people turned over near the island of Samos.
Rescue teams were able to pick up 24 people unhurt, but the four children could not be located.
In another incident on Saturday east of the island of Lesbos, a Frontex vessel managed to rescue 32 migrants whose boat had sunk, but authorities could not find a 20-year-old man who had been on board.