The angling vessel was off the coast of Scarborough when he fell in the sea and could not get back on board, leaving only one person on board who was unfamiliar with being at sea.
But he lived up to the boat’s name by managing to operate the radio and give a rough location to the Humber Coastguard, who broadcast a request for help.
The RNLI and an RAF helicopter joined the search with several local vessels and the search and rescue helicopter located Don’t Panic by homing in on its radio transmissions.
A crew member was winched down to pluck the man from the sea and the RNLI brought the boat back to harbour.
Humber Coastguard Watch Assistant Clive Stephenson said: “The remaining crew member on board the Don’t Panic did an excellent job to help his colleague, in spite of his limited knowledge of radio distress procedures and the vessel’s position.
“A speedy response from vessels in the area, the RAF helicopter and the RNLI lifeboat also contributed to a successful rescue.
“When venturing to sea, it is essential to have a working knowledge of maritime communications and to know your position at all times.
“In an emergency you will rely on these two vital skills to ensure a swift rescue.”