We were on route from Hypoluxo Island, Florida to Romora Bay, Harbor Island, Bahamas. Already in Bahamian water, our engines stopped. We tried to call for help with a cell phone, but there was no signal; and then again with a VHF radio, but still, no answer. After that, we launched multiple red aerial flares and continued to call on VHF with no answer. Last option was to activate the EPIRB. US and local Coast Guard communicated with a nearby cargo ship and they contacted us by VHF and asked the situation. About 1 hour later, a cargo ship came to our rescue and towed us to the nearest port.