The storm-lashed 1998 event claimed the lives of Mike Bannister, John Dean, Jim Lawler, Glyn Charles, Bruce Guy and Phil Skeggs.

A Hobart dockside service was held for the six men following the fateful race.

On Thursday at 1700 AEDT, words spoken at the service by then-CYCA commodore Hugo van Kretschmar were repeated across the fleet's airwaves.

"May the everlasting voyage you have now embarked on be blessed with calm seas and gentle breezes," radio relay boat official David Kellett said.

"May you never have to reef or change a headsail in the night.

"May your bunk be always warm and dry."

Five boats sank in the tragic 1998 race, with only 44 of the 115 starters finishing and 55 sailors rescued from heavy seas.

Cruising Yacht club of Australia commodore Paul Bellingham said the loss of the sailors was felt at the Sydney to Hobart every year.

"For the competitors it's huge. This is something that we do for love," he said.

"To respect the families of those who passed 20 years ago is incredibly important. It's something we think about every year."

Midnight Rambler won the handicap in 1998 - the boat's successor was on Thursday afternoon leading the 2018 hunt for the same honour.

Four who sailed on the 1998 boat are aboard Midnight Rambler. It is scheduled to cross the finish line on Saturday morning.

Video : To mark the 20th anniversary of the deadly 1998 Sydney to Hobart Yacht Race, Four Corners has unearthed this archived episode investigating what happened in that fateful event.