As somebody has already mentioned, the page of the deaths-register with James Young's details also mentions his fellow-crewmen William Hughes and James Hughes (I've normalised the spelling of the surname). Does anyone know who the other victims were?
William Hughes was old, at 72, to still be going to the fishing, unless he was the passenger. His death-certificate shows that his mother was Nannie or Nancie Muir, and that may be a clue to the name of the boat. Maybe he was the owner. Scotlandspeople shows that William "Heugh" was born in 1789 in Pittenweem to James Heugh and Agnes Muir. In Scotland the baptismal name Agnes often becomes Nancy in everyday usage.
"Nancy" was an ill-fated name for a boat in east Fife as two Cellardyke boats with that name were lost with all hands in 1805 and 1846.
William Hughes's death was registered by his son William Hughes, and I think this is the same William Hughes, "father", who registers the death of 18-year-old James Hughes. You can take it for granted that any Pittenweem boat will have one or more crewmen called Hughes (Heugh, Heughs, Heughes, the name is a nightmare to look up on Scotlandspeople!).
The skipper James Young was in Kilrenny parish, no doubt meaning Cellardyke, when he married Ann Walker Anderson in 1851. His death-certificate gives his father's name as - Haggart and his mother as Jean Young, so he was illegitimate. His death was registered by his father-in-law Fergus Anderson, who was a brother of my 3 x great-grandmother Betty Anderson, wife of Lock Horsburgh, whaler in Pittenweem.
Harry