Published Friday, 23 October 2009
The boat, which is registered in Kilkeel, has sunk after burning for five hours.
Four of the five fishermen have been released from the Royal Victoria hospital after being treated for smoke inhalation.
According to an eye witness who contacted UTV, the boat, Bellatrix, appeared to be going round in circles with its engine running and was giving off a lot of smoke.
The eye witness said the crew jumped overboard and were rescued from the freezing waters by a nearby boat.
It is understood other boats came out to help and waited some distance from it before the arrival of a lifeboat.
A 300-metre exclusion zone was put in place around it amid fears that three gas canisters and a 300-litre diesel load could have caused further explosions.
The vessel was drifting toward the Co Down side of the coastline and police cordoned off sections of the shore to prevent people gathering in the area.
Coastguard spokesman Mark Clarke said emergency services allowed the fire to burn out.
"This must have been a catastrophic fire that took hold very quickly," he said.
The boat had just left the harbour when the fire started at around 1pm.
Picture sent in by UTV user Gerald Robinson