The incident occurred late last night some 16 nautical miles from here, Deputy Director of Andhra Pradesh Fisheries Department A. Solmanraju said.
While K. Bisham (50) and V. Veera Narayana (60) are feared drowned, four others managed to swim ashore, he said.
Search operations are underway and a case under relevant sections of IPC have been registered at the Machilipatnam Marine Police station, Solmanraju said.