The bad news is the fishing vessel Mary Kay is now under 600 feet of water near Dixon Entrance in Southeast Alaska.
The good news is all four crewmen were rescued safe and sound, the U.S. Coast Guard says.
The Coast Guard was notified at 10:46 p.m. Thursday that the 78-foot Mary Kay was taking on water off Cape Chacon.
Several vessels and aircraft responded to an urgent marine information broadcast.
An Alaska Wildlife Troopers skiff was among the first to arrive.
The Mary Kay crewmen were in survival suits in a raft.
The skiff took aboard the four survivors and transferred them to a good Samaritan fishing vessel, the North Wind, for delivery to Ketchikan.
Other responders included the fishing vessel Irish Rose, the state patrol vessel Enforcer, the Canadian Coast Guard cutter Bartlett and a Canadian aircraft.