The charred remains of the catamaran 'Argonaut', which caught fire at Club Náutico have sunk.
The Emergency Services were called to the port early this morning after several people reported black smoke billowing across the bay.
The blaze onboard the 'Argonaut' started on Sunday night and firefighters were deployed to douse the flames but the fire rekindled early this morning.
The catamaran was separated from other boats in the area, so no other vessels were affected by the fire and there was no-one onboard.
Containment barriers have been installed to prevent any possible spills and firefighters are hoping to re-float the ship and move it ashore.
An investigation has been launched but initial findings suggest the fire was caused by an electrical fault.