The BBC is reporting the incident as follows....

A major rescue operation has been launched after a cargo vessel overturned off the north of Scotland.
Eight people are reported to have been on board. The location has been given as 15 miles north east of Wick, which would place it to the eastern end of the Pentland Firth.
Shetland Coastguard is co-ordinating rescue efforts.
Four lifeboats and two helicopters are believed to have been called out.
The initial search involved RNLI lifeboats from Longhope, Stromness, Scrabster and Wick, assisted by the coastguard search and rescue helicopter from Sumburgh.
The Northlink ferry Hrossey also took part in the early stages of the operation.