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The 45 foot chokka boat, the Sikelela, is a write-off, after running aground at the entrance to the Port of St Francis at around 7 o'clock on Wednesday morning.
The big winter swell running along the coast at the moment is believed to have driven the vessel onto the rocks and dolosse as it was entering the Port.
All but one of the crew was able to make it to safety without the assistance of the local NSRI.
The St Francis NSRI safely removed the remaining crewman from the vessel, which has been described as unsalvageable by its owners.