At 10.46 am the Malin Head coastguard unit was contacted when debris was found floating in the water close to Kinnego Bay.
There was also signs of diesel spillage close to where the debris was found.
Ten minutes after the alarm was raised, a body was recovered from the water.
Rescuers were unsure if the man was fishing on his own, so an extensive search was launched to see if there were others in the water.
The Portrush and Lough Swilly lifeboat units were dispatched to the scene along with the Greencastle Coastguard and the rescue 118 helicopter from Sligo.
They carried out an extensive search of the area, but were satisfied that there was nobody else aboard the stricken vessel.
The fisherman recovered from the water was in his 50’s and is from the Glengad area in Inishowen.
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