WATCH: Frightening moments family spent stranded at sea
UPDATE, 4.40pm: Eight people who were feared missing in waters off the Capricorn Coast have returned home.
A female involved in this morning's frightening incident confirmed no injuries had been sustained.
Fortunately, no transportation to hospital was required upon arrival to shore.
The group were transported back to Rosslyn Bay by a police rescue vessel.
They arrived back to shore around 3.30pm.
UPDATE, 1.50pm: A passing cargo ship was the first vessel to locate eight people feared missing in Central Queensland waters today.
A QAS spokesman confirmed the vessel had been called in to assist first responders with the search just before midday.
In-flight paramedics tended to the patients, four adults and four children, on board the cargo ship a short time later.
It is understood a police water rescue boat has transported the group back to Gladstone.
The group, which included an infant aged between 6-8 months, escaped the dramatic incident unharmed.
UPDATE, 12.40pm: A baby aged between six and eight-months-old is among the eight people rescued from a sinking vessel off the Central Queensland coast today.
It is understood merchant vessel RTM Twarra located the group, just after 12.20pm, about 96km offshore.
The boat was reportedly close to being fully submerged when the first rescue responders arrived.
All of those on board have since been assessed by in-flight critical care paramedics.
They are all believed to be in good spirits and suffering no serious injuries.
RACQ Rescue 300 is transporting the patients back to Gladstone.
UPDATE, 12pm: Eight people stranded in waters off the Central Queensland coast are yet to be located.
RACQ Capricorn Rescue is currently conducting an air search with a critical care paramedic on board.
It is understood four adults and four children were on board at the time.
Police confirmed an EPIRB was activated just after 10.30 this morning.
INITIAL, 11.40am: A boat with at least eight people on board has reportedly sunk in waters off the Capricorn Coast.
It is understood initial mayday calls occurred around 9.50am after the vessel started taking on water between North West Island and the Capricorn Coast.
A Yeppoon Coast Guard spokeswoman has since confirmed four adults and four children were on board at the time.
Both Yeppoon Rescue One and RACQ Capricorn Rescue helicopter are attending the scene.
Further details are unknown at this time.
More to come.