A sailor who died after his trawler got into difficulty in the North Sea was the boat's captain according to rescuers.
The 45-year-old skipper, who has been named as James Noble from Fraserburgh, Aberdeenshire, was airlifted to hospital by RAF helicopters yesterday but later died.
Two other men - aged 32 and 38 - are still missing after the Ocean Way vessel ran into problems off the Northumberland Coast, but the search operation has now been called off.
The two survivors, men aged 38 and 28-years-old, were taken to Wansbeck Hospital in Northumberland suffering from hypothermia and have been released following treatment.
Apart from Mr Noble, the four crew members are said to be Filipino, according to reports.
The Maritime and Coastguard Agency (MCA) said nothing had been found in the search for the remaining men.
A statement said two helicopters and merchant vessels had been searching throughout Sunday afternoon and evening but were unable to find any sign of the two missing crewmen.
'The search will not resume,' said the statement.
A search and rescue operation was launched for the missing skipper and crew of the fishing trawler Ocean Way after it began transmitting a mayday signal early on Sunday afternoon.
In total three people were rescued from the water, including the captain, Mr Noble.
An RAF rescue helicopter was dispatched to the scene while a Norwegian chopper was also sent to help with the search.
The Humber Coastguard said the vessel, based at Fraserburgh, was last heard from about 100 miles east of the Farne Islands.
The boat, which had sailed from Tynemouth, began transmitting an emergency beacon and attempts were made to contact the skipper.
Bertie Armstrong, chief executive of the Scottish Fishermen's Federation, said: 'We are greatly saddened by this tragic news and our heartfelt thoughts and sympathies are with the family and friends of the crew at this very difficult time.
'This terrible accident highlights the very real dangers our fishermen face on a constant basis and is a sober reminder of the important role fishing plays in putting food on our plates.'
Scotland's Fisheries Minister Richard Lochhead said: 'I am very sorry to hear about the loss of the Fraserburgh registered fishing vessel the Ocean Way that has tragically resulted in fatalities.
'This is a terrible tragedy and my thoughts are with the loved ones and friends of the crew.
'This tragedy will be felt by all fishing communities and is a horrible reminder of the dangers our fishermen face day in day out to bring fish to our tables with many paying the ultimate sacrifice.
'I would like to pay tribute to all the personnel involved in the rescue operation.'
A spokesman for the MCA said yesterday that none of the rescued sailors were wearing lifejackets.
She said the whereabouts of the boat was unknown and refused to be drawn on speculation it had sunk until the outcome of further investigations.
The Coastguard have been broadcasting mayday relay messages requesting all passing shipping to look out for the missing crew.
It is believed the boat set sail from North Shields on Saturday and the Marine Accident Investigation Branch is now investigating the incident.