Six men had a "lucky escape" yesterday after their overloaded boat took on water and submerged in less than 30 seconds in the middle of Foveaux Strait.
The men, two from Christchurch and one each from Queenstown, Gore, Invercargill and Nelson, were rescued by a passing ferry at 12.25pm, 15 minutes after making their mayday call.
The Christchurch skipper and owner of the vessel, who did not want to be named, said the boat took on water "and 30 seconds later she was under".
Before the boat submerged, the skipper sent a mayday call, while one of his friends attempted to anchor the 6.6m Stabicraft, which is designed to stay buoyant.
The other four men were able to launch a small inflatable dinghy, which stayed near the vessel.
The men, who were wearing lifejackets, were all competent swimmers and divers, "but it was getting cold out there".
The mood of the six men, who had all been looking forward to their annual "boys' trip", was positive, he said.
After they had been in the water for 15 minutes in moderate swells, the ferry appeared, much to their relief.
Stewart Island Experience area manager Matt Sillars said the company's 20m catamaran, Southern Express, received the mayday just half an hour after it departed Bluff.
Much to the delight of the 30 passengers, the six men were brought on board, along with some of their salvageable gear.
A newly-opened backpackers provided the men with accommodation, while locals helped retrieve the boat and salvage their gear, including a satellite phone and search and rescue beacons.
"The locals have been fantastic," he said.
The insured boat will be taken to Bluff, but the men have decided to cut short their five-day fishing, hunting and diving trip to Port William, and will leave the island today.
Constable Nick Wells, of Stewart Island, said the men had a lucky escape as their boat appeared to be overloaded.
"They had the right equipment, but they seemed to have too much of it. They did everything right but stow their gear the right way."
Const Wells said too much gear was stowed at the stern, rather than in the centre of the boat.
"This trip had the potential to be a lot worse, so I think that is an important lesson for everyone."