The Coast Guard has placed a strobe light and a data marker on the boat that caught fire two miles off Diamond Head on Saturday and plans to evaluate the best way to salvage the vessel this morning.

The 46-foot vessel, which was gutted by fire, contained about 700 gallons of diesel fuel, said Michael De Nyse, Coast Guard spokesman. The fuel and the drifting boat continued to be monitored yesterday by the Coast Guard, De Nyse said.

Five men who jumped overboard Saturday were rescued by a boat from the Outrigger Canoe Club. No one was injured.

About five feet of the vessel is above water; the rest is submerged, De Nyse said.

"It's like an iceberg sticking out," he said. "The majority of the ship is under water. We'll re-evaluate in the morning and see if we can salvage the boat."

Reach Suzanne Roig at sroig@honoluluadvertiser.com.