Buenos Aires, Jul 24 (IANS): Eight people died after a fishing boat capsized near the Malvinas Islands, known to English speakers as the Falkland Islands, which Argentina claims as its own but is governed by Britain, Argentine and Spanish media reported.

The fishing boat was sailing near the Malvinas Islands in search of toothfish when it suffered a break in the hull and sank, said the Argentine daily La Nacion, Xinhua news agency reported.

Authorities reported Tuesday morning the death of three crew members who were on the boat. In the past few hours, rescue operations were undertaken to find the remaining 27 people who were shipwrecked , 10 of whom are Spanish nationals and dispersed in life rafts, the daily added.

Later, the number of fatal victims climbed to eight, and 14 people were rescued, according to local media.

The fishing vessel, flying the flag of Saint Helena Island, an Overseas British Territory in the South Atlantic, launched a distress signal when it was located about 200 nautical miles (370 km) southeast of Puerto Argentino, in the Malvinas Islands.

Argentina's Navy issued a statement saying the fishing vessel "reported damage caused by inclement weather that caused water to enter, which is why it was abandoned in life rafts."

There were winds of up to 70 knots (about 130 km) per hour and eight-meter-high waves at the time of the accident.

According to the Spanish newspaper Faro de Vigo, there were 25 crew members and two scientific observers on board the vessel, including eight Russians, two Uruguayans, two Peruvians and five Indonesians.