As the weather "deteriorated" and seas reached nearly 10 feet, two motor lifeboat crews went 58 miles east from the coast to try to tow the vessel back to Gloucester, but once on scene, "rough sea conditions caused the tow line to break," the Coast Guard said.
Coast Guard members then helped the stranded crew members gets into immersion suits and abandon ship along with the assistance of a helicopter crew.
One man suffered a head injury while leaping from Liana's Ransom and airlifted by helicopter to Massachusetts General Hospital.
The rest of the men were then transferred to lifeboats, which returned to the station.
A locator beacon was left on Liana's Ransom still at sea for tracking, and it was last reported the Coast Guard was en-route to evaluate towing the ship to port.