This week's episode of Deadliest Catch will feature the tragic sinking of the F/V Scandies Rose, a veteran Alaskan crab boat, on New Year's Eve.

In PEOPLE's exclusive sneak peek, a mayday call sounds out from the fishing vessel as winter slams the Bering Sea — the ship and her crew of seven are sinking. The United States Coast Guard responds to the call, requesting all other vessels in the vicinity to maintain a sharp lookout.

Sig Hansen, Captain of the F/V Northwestern, appears to be immediately bracing himself for the worst.

"There's reports that the Scandies Rose has gone down, and that it's missing," he says. "I don't know if they were in their suits, I don't know if they're on board or made it in the water — we just don't know."

What he does know is that he's known longtime Scandies Rose Captain Gary Cobbin Jr., Bering Sea legend, "for as long as I can remember."

A search and rescue team heads out towards the boat's last known position, 170 miles away east of Sutwik Island. But amid the perilous conditions of the brutal winter storm, the clock is ticking.

"There's always a chance in the next hour or two that they might be able to find the guys. You know, the Coast Guard's got to search through the night. They'll probably search through tomorrow," says Captain Scott Campbell Jr. "But if they don't find them in a couple of hours, the odds of them surviving are not good."

Five were lost with the Scandies Rose: Captain Gary Cobban Jr.; his son, David Cobban; Seth Rosseau-Gano; Arthur Ganacias; and Brock Rainey.

Two survivors, John Lawler and Dean Gribble Jr., made it into survival suits and a life raft, where a Coast Guard helicopter found them near Sutwik Island.

Watch the full episode of Deadliest Catch on Tuesday at 8 p.m. ET on Discovery.

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