Port Lincoln: Three fishermen are killed in ‘freak’ accident after their boat was hit by a massive wave – as it’s revealed a father and his young son miraculously survived the ordeal by treading water for 12 hours

Three people have died and two are hospitalized after their fishing boat capsized off the coast of South Australia.

Emergency crews began a frantic search by water and air on Monday night after the ship and its five occupants failed to return to Port Lincoln.

A police rescue helicopter located the capsized boat near Spilsby Island in Spencer Gulf about 2am on Tuesday and took two members of the group, a 44-year-old man and a 13-year-old boy, to a safe place from a reef.

Placid seas raised hopes that the ship’s three other occupants were still alive, but they were dashed after rescuers recovered two bodies later in the morning.

The fifth and final member of the crew was found dead shortly after 2 p.m.

The rescued couple were taken to Port Lincoln Hospital with non-life-threatening injuries.

They were treated for conditions related to hypothermia as a result of exposure to the cold, Superintendent Paul Bahr told reporters Tuesday.

“The ship has also been located and is on its way back to Port Lincoln,” Superintendent Bahr said.

“This will be discharged later today and will be subject to further forensic examination and any examination the coroner may require.”

The fishing group was made up of family and close friends, and aside from the rescued teenager, they were all adults.

The two rescued fishermen told police their boat was capsized by a wave around 4 p.m. Monday, capsizing the boat and throwing everyone on board into the water.

A large-scale rescue operation was launched after relatives of the crew alerted police about their non-return shortly after 8.30pm on Monday night.

In addition to the police helicopter, police water officers, local maritime rescue boats, a Challenger aircraft and the P&O cruise ship Pacific Explorer took part in the search.

Police will now prepare reports for the coroner.