The sailors were forced to paddle out on the stormy seas again to reach rescue boats, which had been about four nautical miles away and arrived near daybreak.
Irishman Sean Coote, 47, who lives in Sunbury on Thames, said: "Our life raft was picked up approximately half an hour after leaving the island by the California crew who were immediately on hand with biscuits and hot tea.
"We are grateful to have escaped with no major injuries and proud to have rallied together as a team and survived a harrowing ordeal and test of our resilience."
International Rescue Services had been alerted by Falmouth Coastguard, who co-ordinated the operation to rescue the crew after being contacted by Team Finland.
A spokeswoman for Falmouth Coastguard said: "The crew had a lucky escape. You don't abandon ship unless you have to."
The Cork Clipper was the Irish entry in the race and the multinational also included members from the UK, Australia and one Chinese sailor. It was skippered by Richie Fearon, 29, from Londonderry.
The boat is based in Gosport, Hampshire.
The 10-strong clipper fleet began the race on 13 September last year from the Humber estuary. Its current leg is from Geraldton in Western Australia to Singapore.
Famed sailor Sir Robin Knox-Johnston, chairman of race organisers Clipper Ventures, said: "Clearly our priority has been the safety of the crew and we have confirmation that all on board have evacuated and are now safe.
"Their welfare is our prime concern at this time."
A Clipper spokeswoman said other crew members from the UK are Alan Moss, 40, from Fareham, Hampshire; Keith Hale, 50, from West Yorkshire; Noreen Osborne, 32, from Belfast; Sarah Bell, 44, from North Yorkshire and David Paton, 56, from Preston.
The other Irish members are Gavin Kelly, 35, from Abbeyfeale, Limerick; Kevin Austen, 26, from Dublin; Sarah Boyle, 28, from Cork; Jacqui Browne, 49, from Co Kerry; Michael Lewis, 31, who lives in Derby and Orla Mellett, 30, who lives in London.
The remainder of the crew are Tie Wa Li, 28, from Ruislip, west London who is Chinese, Tania Dolinschek, 46, from Western Australia and Marco Giana, 37, who lives in Cork and is Australian.
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