A 48-foot ocean yacht began to sink early Wednesday morning in the Fairhaven Shipyard, the Fairhaven Fire Department said.
Firefighters, the Coast Guard and shipyard workers put a boom around the Elude to prevent fuel from leaking into the harbor.
Crews were attempting to raise the boat with air bags. It will be taken out of the water to determine why it sank.
No one was hurt.
The owner is listed as a Fairhaven man.