A mussel boat ran aground in Malpeque Harbour on Friday morning.
The boat was loaded with mussels as it took on water heading back to port. The vessel was partially submerged as the mussels floated away.
There were four crew members on board. They were all rescued.
The manager of Prince Edward Aqua Farms says all of the mussels and tanks were lost.
Jerry Bidgood says the boat was salvaged.
Mussels were found scattered across nearby Cabot Beach Provincial Park.
Fishermen say there a need for more dredging in Malpeque Bay to prevent further accidents.
The federal government has a $500,000 study on the problem underway with one of the options specified as a new harbour be constructed.