Three men have been miraculously found clinging for their lives to an Esky after their boat capsized off Western Australia’s south coast.

The fishing trio were holding onto the blue-and-white cold box while desperately hoping they would be discovered in chilly waters off the coast of Albany, in the state’s far south.

They were spotted late on Wednesday, wearing yellow lifejackets and bobbing in rough seas, during a search operation that was launched after they failed to return home.

Footage from the Australian Maritime Safety Authority shows each man grasping one side of the floating cold box in the vast ocean.

The ABC reports the men were fishing near Eclipse Island on Wednesday morning when their boat overturned and started to sink.

Albany Sea Rescue coordinator Chris Johns told the ABC that without their emergency position indicating radio beacon (EPIRB), which was set off about 10.30am, the men may have died at sea.

Friends had also alerted authorities that the fishers may be in trouble after they failed to return home.

Mr Johns said without the EPIRB, the sea rescue team would have had no idea where to start looking.

“In seas like this at the moment, it would be really difficult,” he told the ABC.

One of the men was taken to hospital with suspected hypothermia.