Although HM Coastguard cannot confirm exactly how many fell, one ship reported at least seven.
A fixed-wing aircraft is being put up to locate the fallen cargo.
Two separate vessels off the Island made reports to HM Coastguard between 11pm and midnight.
The first report was made at about 11.10pm.
A number of refrigerated containers went into the sea from a cargo vessel near the Nab Tower, east of the Isle of Wight, HM Coastguard said.
Then, at about 11.55pm, seven empty containers were reported to have gone overboard from a second cargo vessel about 16 nautical miles south of St Catherine’s Point.
What to do if you spot a container washed up
If you find a container washed up, you should report it to Solent Coastguard on 0344 382 0560.
You can also let the County Press team know by emailing a photo to editor@iwcp.co.uk or calling (01983) 259003.
A spokesperson for HM Coastguard said: “HM Coastguard is monitoring the situation closely and is sending a fixed-wing aircraft.
“Any sightings of containers should be reported to Solent Coastguard on 0344 382 0560 or on VHF radio.
“Non-perishable wreck material arriving on shore, including cargo, must be reported to the Receiver of Wreck within 28 days.”
As previously reported by the County Press, containers were also lost off a ship near the Nab tower on Saturday, December 6.
Updated
HM Coastguard said it is monitoring the situation closely and has sent a fixed-wing aircraft.
Navigational warnings are being broadcast to shipping.