Published Tuesday, 23 October 2012
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The crew of the Snowdonia, which is based in Ardglass, had to jump into the water as the boat went down east of Kilkeel Harbour on Tuesday.
The men were airlifted to Daisy Hill Hospital in Newry after another fishing vessel, the Tribute, recovered them from the water and raised the alarm with the coastguards.
They have since been discharged from hospital after being assessed.
Raymond Newell from the RNLI said one of the men was found in a bad condition.
"They had been in the water with life jackets for about five to 10 minutes before the boat picked them up," he told UTV.
"They were cold, one fella was complaining about chest pain. They got their clothes changed at this stage and were administered oxygen.
"The fella complaining of chest pain - that was hypothermia."
Kilkeel Inshore Lifeboat and the Irish Coast Guard Search and Rescue Helicopter took part in the operation.
"The crew of Kilkeel Inshore Lifeboat were quickly on scene and provided first aid until the arrival of the Irish Helicopter," the Maritime and Coastguard Agency said.
Gary Young, Watch Manager Belfast Coastguard, said: "This incident has again proved the importance of wearing a lifejacket and having it maintained to a high standard.
"I would like to pass on my thanks to the professionalism of the lifeboat and helicopter crews."
SDLP South Down MP Margaret Ritchie says the safe rescue outlines the value of the coastguard service.
She added that it was a shining example of how north-south co-operation on vital issues makes a significant contribution to everyday life in the region.
"I'm very pleased that both fishermen have been rescued safe and well and I thank the Kilkeel Inshore Lifeboat team for their brave actions.
"This shows the necessity of the retention of the local coastguard service in county Down with the subsidiary locations in Newcastle and Kilkeel," Ms Ritchie continued.
"I have fought for the retention of the coastguard station in Northern Ireland last year at Westminster because it operates on an all-Ireland basis, both on land and sea.
"The fishing industry is vital to the local economy of South Down, with fishing ports in both Kilkeel and Ardglass."
Ms Ritchie said her party is going to the Dáil on Wednesday to fight for the retention of Malin Head coastguard station in Co Donegal which is currently under review.
Henry Reilly of the UKIP said: "In a situation like this at sea there is always the possibility that someone could lose their life and it's testament to the skill of the skipper that he was able to organise all the crew to get off the boat."
Sinn Féin MLA Chris Hazzard said: "I have been told that it was the quick reactions and leadership of the captain of the vessel that helped prevent any loss of life and I would congratulate him on his seamanship.
"This incident today only reinforces the need for a comprehensive lifeboat service and any cuts to the service need to be opposed."