The Fowey inshore lifeboat, Olive Too, launched at half past midnight in search of a reported yacht drifting in Fowey harbour.
The launch took place following Ed Bateman, of Sam's Bistro spotting the unlit single-masted vessel passing Town Quay and drifting upriver as he closed up for the night.
It was unknown whether anyone was on board.
Jan Philp, Christian Philp, and Nial Hoddinott took to the lifeboat while a further fifteen crew members searched from the shore.
The team located the unmanned 22ft yacht, Demelza, on the shore line at Prime Cellars directly opposite the lifeboat station and it was towed to Berril's Yard.
The lifeboat was ready for service again at 1am.
