The William Rockefeller was going to New York from Aruba through Torpedo Alley on June 28, 1942, carrying over 135,000 barrels of bunker "C" fuel oil, when the U-701 sent a torpedo into her port side amidships. A furious inferno ensued. The 44-member crew and her 6-member Naval Armed Guard abandoned her approximately 15 minutes later. They all survived, being picked up by CG-470 and taken to the Ocracoke Coast Guard Station. The ship burned and drifted for 11 hours, and sank after the U-701 fired another torpedo into her. The U-boat escaped, despite aerial and naval attacks, only to be sunk a week later.
The sinking was reported to have occurred 16 miles ENE of Diamond Shoal Light Buoy but the actual final resting place is unknown.