January 25, 2008 Coast Guard investigators announced that the Lady of Grace capsized and sank on January 26, 2007 likely because of excessive ice buildup on the rigging, making it top heavy.
The Lady of Grace was approximately 12 miles out from Hyannis, Mass when it sank, losing all four New Bedford fishermen aboard. No one saw the sinking or had radio contact with the Lady of Grace at the time of the incident, but vessels in the area at the time provided weather conditions to assist in reconstruction of the incident.
194 commercial fishing vessels have been lost in the Northeast due to capsizing or sinking in the past 15 years, with two of them believed to have been due to icing.
Source: USCG