A commercial trawler, with six crew on board, has sunk in Port Phillip Bay this morning.
Police believe the 27-metre boat was punctured by an object in the water while it was going out of the heads at about 1.30am (AEDT) on Saturday.
Port Pilots rescued the crew, who weren't injured.
Government agencies are at the site, assessing the damage.
Police believe the boat had been carrying 30,000 litres of diesel fuel, 300 litres of hydraulic fluid and 500 litres of commercial lubricant.
