He was able to recover the three occupants of the 26 foot powered catamaran onto his fishing vessel, moments before the catamaran sank.
The rescued crew were then brought back to Torpoint by the fishing vessel, where they were met by Tamar Coastguard Rescue team.
The three people on board the catamaran Sampson, had left from Fowey for a day trip fishing near the Eddystone lighthouse and were 12 miles offshore when the catamaran began sinking.
It is believed that a sea water inlet pipe to the engine came loose and the engine and bilge spaces subsequently flooded.
The fishing vessel is from Torpoint.
Brixham Coastguard Watch Manager said: "It is fortunate that another vessel was so close at hand, and able to offer such competent assistance. Without which, this incident may have had a very different conclusion."
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