The U.S. Coast Guard rescued two men after their vessel began to sink 2 miles south of Molokai on Wednesday. Photo courtesy U.S. Coast Guard

Two men were rescued by the Coast Guard after their fishing vessel, the Holokai, began taking on water south of Molokai on Wednesday.

The men were transported by an MH-65 Dolphin helicopter to the Coast Guard Air Station in Kapolei.

The Coast Guard command center received a mayday call at 1:50 p.m. from the captain, who said the 42-foot vessel was taking on water about 2 miles south of Molokai and that the men were preparing to abandon ship.

The Coast Guard said it received a signal at 2:22 p.m. indicating the position of a radio beacon from the life raft.

The U.S. Coast Guard hoists a man on a litter into the helicopter. Photo courtesy U.S. Coast Guard

According to the Coast Guard, the vessel had 1,500 gallons of diesel fuel, a marine battery and two smaller car batteries on board and was still floating when last seen by the men.

The Coast Guard said the vessel’s owner will arrange for salvage.

The crew’s quick activation of a registered emergency position-indicating radio beacon, or EPIRB, was instrumental in the rescue by providing the command center with a precise location, said Coast Guard Petty Officer 3rd Class Ashley Barrios.

“The mariners’ preparation and actions directly contributed to this safe, successful rescue,” Barrios said.

The Holokai was once owned by Hawaii fisherman Joseph Dettling. After his death, the vessel was sold to men who live in Honolulu, his son Ryan Dettling said.

A U.S. Coast Guard rescue swimmer leaps into the water to assist two men after their boat started to take on water south of Molokai on Wednesday. Photo courtesy U.S. Coast Guard