The second photograph, taken from a Japanese aircraft during the initial high-level bombing attack, shows Repulse, near the bottom of the view, has just been hit by one bomb and near-missed by several more. Prince of Wales, near the top of the image, is generating a considerable amount of smoke. Japanese writing in the lower right states that the photograph was reproduced by authorization of the Navy Ministry.
This was a tremendous victory for the Japanese and a calamity for the British and Imperial forces defending Malaya. The loss of life was the greatest ever experienced by the Royal Navy in one incident; over 840 officers and men died. Force Z was steaming to intercept the Japanese invasion fleet, poised to launch the assault on Malaya, an invasion that resulted in a humiliating retreat by down the Malaya peninsular by the British and Imperial forces, and the eventual fall of Singapore less than 80 days later. Force Z should not have proceeded with air support, the first mistake of the many that plagued the British and Imperial forces, and which were deftly exploited by the attacking Japanese.
For more, including a survivor's account, see the relevant BBC WW2 People's War Fact File
Above images from Wikimedia commons