The UK Coastguard Channel Navigation Information Service has continued to work throughout the incident and is ensuring the safe passage of vessels through the Dover Strait Traffic Separation Scheme.
The tanker, "Seafrontier", has 27 people on board.
Both vessels - an oil tanker carrying almost 38,000 tons of petrol and a bulk carrier - were damaged in the collision just after 2am.
Both vessels were reported to have come to a "complete stop".
None of the 49 crew from both ships - registered from Hong Kong with Indian and Chinese crews - were injured and all hands were accounted for.
The Seafrontier was left with a hole in its side above the water line, but there no sign of pollution from petrol being spilled into the sea, the Coastguard said.
At the time of the collision the two vessels were located in British waters, about 18 nautical miles from the northern French coastal town of Dunkirk near the border with Belgium.
The Huyan Endeavour, which was not carrying any cargo and had 22 crew members on board, was headed for Lagos, while Seafrontier was bound for Puerto Barrios, Guatemala, the British coastguard said.
Bulk carrier HUAYANG ENDEAVOUR, IMO 9591492, dwt 75492, built 2013, flag HK, manager HUAYANG MARITIME CENTER, Beijing.
A statement from the UK Coastguard said: "The Coastguard helicopter was sent to the scene, along with Dover and Ramsgate RNLI Lifeboats, in case evacuation was required".
An investigation into the collision, which occurred in the midst of moderate winds and calm seas, is underway.