Two fire and rescue crews were called out to a fishing boat taking on water in Port St. Mary late last night.
A major pump and light portable pump were used to remove water from the vessels hold, taking two and a half hours to stabilise it.
It was found that a component failure had allowed the water to pour in.
A mobile crane was used to lift the vessel so that repairs can be carried out.
No injuries have been reported.
Stop putting knives in recycling, says council
Bee Gees to release limited-edition box set
Northern Irish politician criticises Manx visa rules
Elective surgical unit opens at hospital
Piling rig on TT course tonight
10-day bus strike from next weekend
Yellow snow warning issued by forecasters
Ramsey harbour keeper completes 3,000-Mile Atlantic crossing