The USCG Morgenthau rescued twenty-three crewmen from the sinking motor vessel Joy Taylor yesterday 275 SSW of Saigon. The cutter was on patrol duty when she heard the SOS at 0723h from the stricken vessel. The M/V Joy Taylor en route Singapore to Saigon reported her cargo, of lube oil in drums had shifted causing first a five (5) degree then a fifteen (15) degree starboard list. She was attempting to proceed to Condore Island at six (6) kts. The master estimated that the ship had taken on 3 tons of water already and the rate was 200 gallons per hour. Deck cargo prevented access to holds and all drainage sumps had quit. The USCG Morgenthau sped to the scene arriving at at 1200h. When found the Joy Taylor was having difficulty manoeuvring. Uncontrolled flooding and free surface effect caused her cargo to suddenly shift at 1330h and she rolled to port. Empty lube oil drums stacked on deck began to break loose and wash overboard. The twenty (20) knot wind caused the six to eight foot seas to break over her. The M/V Joy Taylor was now in serious danger of foundering and her crew prepared to abandon ship. At 1400h the master determined that he was unable to save his ship and it was abandoned. The Morgenthau's small boats recovered the crewmen from the water. At 1729h, three hours after the crewmen were saved, the Joy Taylor capsized and sank in twenty fathoms of water. The USCG Morgenthau brought the survivors to the republic of Vietnam arriving at 1200h today.