Three men are dead after the commercial fishing boat Caledonian capsized off the west coast of Vancouver Island Saturday night.

The accident occurred in the waters 30 miles west of Tofino, near Estevan Point. The Caledonian and its crew encountered some kind of difficulty, began taking on water, and eventually capsized, according to the Joint Rescue Coordination Centre.

The fishing company that owns the 33-metre boat alerted the Coast Guard at 10 p.m. after the crew failed to check-in. The search for the four missing crew members began shortly after.

The lone survivor was found wearing a life vest and floating on a life raft. He was hypothermic, but alive and talking.

A nearby cruise ship heading to Victoria changed course to pick up the man, says the JRCC. He was taken to a local hospital for treatment when the ship docked.

Passengers on the cruise ship told CTV News that the man was picked up around 1:45 a.m.

“This is an accident fairly common on cruise ships,” said one passenger. “The Coast Guard called the ship, according to the captain anyways, and they diverted and went to get the guy off the [life] boat.”

“All we heard was the vibration of the boat, and stopping and the turning,” said a female passenger. “It’s mandatory, you go and help, absolutely.”

Not long after the surviving crew member was rescued, the bodies of two of his colleagues were found. The body of the third missing crew member was found early Sunday afternoon.

JRCC say the three victims are believed to have drowned. The identities of the men have yet to be released.

With files from CTV Vancouver's Sarah MacDonald