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Its amazing how childhood memories are awakened when events like these are discussed.
I remember John Bey, Cy Bey and Tammie Blues as old men.  (Cy is local Johnner vernacular for Alexander and the name McBay was always reduced to BEY which just happens to be the pre 1855 spelling on gravestones).  In my childhood the story of the disaster was still being talked of thirty years after the event. Eileen's Leopard article will no doubt resurrect it again.
Among my miscellany of Johnshaven stuff I have unearthed some short transcripts from newspapers of the time:

From the "Mearns Leader" dated 24th December 1920.
"JOHNSHAVEN LIFEBOAT DISASTER”
Three Men Drowned
A sad disaster befell the Johnshaven lifeboat James Marsh, on Tuesday afternoon at the entrance to the harbour on returning with the shipwrecked crew of nine, of the Danish three-masted barquentine, Fredensburg, when three of her company were lost by drowning.

From "Mearns Leader" dated 14th October 1921.
"LIFEBOAT CREW HONOURED"
….. the lifeboat, while negotiating the entrance to the harbour, capsized, thus resulting in the loss of three lives. Amongst those who perished was James McBay, Mid St. (cousin of John McBay, the coxswain) who succumbed within an arm's length of succour from the land, with his wife a spectator of the heartrending spectacle. Two members of the shipwrecked crew were also victims.
Captain Hoyer Millar [Danish Vice Consul at Montrose] said he was proud to be asked to perform the presentation.  [Twelve cups presented to crew of lifeboat]

Scotsman 16 August 1921:
"JOHNSHAVEN LIFEBOAT CREW HONOURED .
TWELVE SILVER CUPS FROM THE KING OF DENMARK.
The Board of Trade have received through the Foreign Office twelve silver cups, which have been awarded by His Majesty the King of Denmark to John McBay (coxswain), George McBay (second coxswain), Thomas Blues (No. 1 bowman), and James Dickson, Barclay Cargill , James D. McBay, Thomas Blues (No. 2), John Ritchie, John William Stephen, Alexander McBay, John Mearns McBay, and Robert Paton, members of the crew of the Johnshaven lifeboat James Marsh in recognition of their services in rescuing the crew of the schooner Fredensborg, of Korsor, which was wrecked in St Cyrus Bay on the 21st December 1920. A monetary award [50 guineas] has also been made to the widow of James McBay, ….

Also these photos taken by me in recent years the location of the disaster


Hi There my name is Kenny Blues, Thomas Blues b1899  (died in the late seventies) was my Grandad  he was also awarded the BEM for his part in the rescue of passengers when his ship the "LONDON" was in a collision in thick fog . Thomas Blues b 1871 "Diddy Tam" was my great grandfather.He was awarded one of the twelve cups from Denmark as was my Grandad which I have in my possession. An interesting fact about Diddy Tam was that while attending to his fishing boat in Montrose Basin he was strafed by a german Heinkel and had a good portion of his side shot out. He had to wear a special brace on his side thereafter

Hi Johnner Kid,
Many thanks for info. and photos.
You say you remember John Bey, Cy Bey and Tammie Blues as old men,
but do you know who there parents/wives/children were? I have some names as follows:-
Alex, McBay, b1880,died?, parents: Edward (sma ned) and Martha Alexander.
Alex.McBay.b1878,died 1963, wife Jane Lownie Watt, parents: John Mearns McBay b.1828 and Elizabeth Pert.
Another:
Alex. Mcbay b.1878, died ?, wife Isabella Taylor, parents: Edward (lang ned) McBay and Geogina Waiter.
Alex. McBay, b1879, died ?, parents: John Mearns Jnr. McBay and Christina Alexander.

John McBay, b 1894, died 1978?, wives Elizabeth Chalmers and Jessie Simpson, parents: William McBay and Susan Young McBay.
John McBay, b 1886, died 1971, parents: Logie McBay and Agnes Farquhar Donaldson.
John Mearns McBay, b 1877, died ?, wife Helen Mackie Blues, parents: John Mearns Jnr.McBay and Christina Alexander.

Thomas Duncan Blues, b 1871, died 1959,wife Isabella Soutar, parents: Thomas Blues and Jane Mackie. ( was he known as "Tam").
Thomas Blues, b 1899, died ?, Parents:Thomas Duncan Blues and Isabella Soutar ( was he known as "tam")
More to come, stopping for lunch after another marathon typing session for me.
I look forward to all comments.