RedactedNarrative: On February 1st around 1300 hours, (Owner/operator) and (passenger) were anchored and fishing near Molasses Reef off of Key Largo aboard vessel FL 4788 LH, a 2000 26' twin-engine Hydra-Sport.   Weather conditions were approximately 15 knots from the SE, and wave heights were 3-5'.  The forecast was for afternoon storms, stronger winds, and worsening sea conditions.  
  
  Per Operator, as a squall was moving into the area from the SE, he and passenger Occupant decided to "call it a day" and return to Operator's place of residence, also in Key Largo.  The two men got the vessel ready for the return trip inshore and then started to "weigh" anchor by using the vessel in (idle) gear as a means to pull the anchor off the bottom.  
  
  However, both men lost sight of the anchor line, and the anchor line became wrapped around the starboard side lower unit and propeller; causing the starboard side engine to cut-off.  The Captain, Operator turned off the port side engine, grabbed a boat hook and went to the stern of the vessel to attempt to free the anchor line from the starboard engine.  The wind and sea pushed the hook against the vessel (which was still anchored to the bottom) causing extreme tension on the anchor line and making it impossible for the Captain to free the line.  
  
  With the starboard engine now being the surface contact with anchor, the vessel was turned stern into the sea; this caused wave after wave to over the transom of the vessel.  The vessel's bilge hatch at the stern was knocked loose and then free from the vessel which allowed some gallons of sea water to quickly fill the vessel's bilge faster than the pumps could remove.  (During an interview with the Captain, he stated he saw sea water shooting out of the bilge openings, indicating the pumps were working) 
  
  Both men donned their Personal Flotation Devices (PFD's) and the Captain was able to get a "mayday" call off on VHF channel 16 before the vessel's stern sank below the surface and capsized, ejecting both men into the ocean.  Less than a mile away from the capsized vessel was the commercial sight seeing vessel, "Spirit of Pennekamp", out of John Pennekamp Coral Reef State Park.  the commercial vessel heard the "mayday" call and quickly had eyes on the capsized vessel and two passengers.  Both men were brought onboard the "Spirit of Pennekamp" uninjured.