Ten of the people on board have been found dead and another eleven are missing.
When two other fishing boats were alerted to the accident site, they found three sailors alive, albeit severely chilled, in lifeboats.
Two lifeboats have been found empty and one lifeboat is missing.
According to Spanish authorities, the crew consisted of 16 people from Spain, five from Peru and three from Ghana.
The boat's home port is located in Galicia in northwestern Spain.