RedactedNarrative: The vessel was traveling eastbound at approximately 10 miles per hour when the occupants began to smell the odor of electrical material burning. A short time later smoke was observed coming from the engine compartment. The operator turned the vessel to head into shore. A short time later flames were seen toward the stern of the vessel and it lost all power. 
  
  The operator attempted to utilize a handheld fire extinguisher to put out the flames but was overcome the smoke. The operator utilized a marine radio to call for help from any nearby vessel. The operator and all five passengers put on personal flotation devices and jumped overboard. 
  
  After a few minutes, another vessel came by and retrieved all of the occupants from the water, transporting them back to the marina they departed from.  The vessel became fully engulfed and attempts from the portage fire department boat to put the fire out were unsuccessful and the remaining portion of the vessel sank. The vessel owner stated it was equipped with a fixed halon fire system but did not know if it was functioning at the time of the fire. The vessel owner stated it was equipped with two 454 cubic inch engines and transmissions and contained approximately 125 gallons of gasoline.