According to the operator he was traveling west down the icw/pungo canal.  Approximately 4 miles from the entrance to the pungo river, he met another vessel that was traveling east down the icw.  Operator following the rules of the road deviated approximately 10 feet off the center of the waterway to give proper passage to the other vessel, which moved over as well.  While passing the other vessel, Operator struck a submerged object which separated both rudders from his vessel.  This allowed massive amounts of water to flood his vessel.  Operator was able to ground his vessel before it sank.  Operator advised that he and his passenger both put on type 1 pfds.  He then contacted the passing vessel which turned around to offer assistance.  Operator contacted uscg and tow boat us by radio for their assistance.  Operator advised that tow boat us pumped his vessel out and towed it to the river forest manor in belhaven.  He advised that the uscg surveyed the area and was unable to locate the object that he struck.  Officers inspected the damaged vessel on the railways at river forest manor in belhaven.  When the rudders were torn from the vessel, it opened two large holes for water to flood in.  Both propellers were damaged, and one of the propeller's shafts was completely pulled out and bent.  Water covered both engines and the vessel's generator as well.  The use of alcohol and drugs did not contribute to this accident, and no violations were detected.
FAIRFIELD                     