The 89m ship ‘Priscilla’ got into difficulty around 3.30am on Wednesday on the Pentland Skerries, north east of Duncansby Head on the Caithness coast.
Coastguards said the vessel has reported no significant damage and there is no sign of any pollution at the scene.
Thurso RNLI All Weather Lifeboat and a tug vessel are currently making preparations to refloat the vessel.
The Maritime and Coastguard Agency’s emergency towing vessel Ievoli Black is now on its way to the scene and is expected to arrive at around 6pm.
Kaimes Beasley, HM Coastguard duty controller, said: “At this stage the vessel is stable and the crew on board are safe and well and there is no risk to life.
“This incident is ongoing and we will provide further updates as the situation develops.”