Students and crew rescued from the sinking of a Canadian-owned tall ship in the South Atlantic are expected to begin heading home over the next 24 hours, putting the harrowing 40 hours spent in life rafts after their ship capsized behind them.

Nigel McCarthy, school CEO of Lunenburg, N.S.-based West Island College International, which operates the Class Afloat program, says the students will begin leaving Rio de Janeiro over the next 24 to 48 hours.

McCarthy told CTV News Channel Sunday that the next step for the 48 students is to head home to be with their families.

"The opportunity to just hug your child and be together is the next order of business," he said.

McCarthy said the students, staff and crew are in their last meetings before leaving. Over the past day, the survivors have met with trauma counsellors and medical personnel, he told The Canadian Press. They also spent time replacing items that went down with the ship, such as travel documents -- including passports -- and clothing.

The 64 people on board the three-masted SV Concordia were ferried into Rio de Janeiro aboard Brazilian Navy and merchant vessels Saturday, exhausted but relieved after their long ordeal.

At an emotional news conference Saturday, the first 12 survivors to arrive on land spoke about their experience, and the up to 40 hours spent on life rafts.

The ship's captain said that his vessel sank Wednesday afternoon -- a day earlier than previously reported -- after being flipped on its side by a powerful gust of wind. He and his passengers and crew were rescued by merchant ships early Friday.

Capt. William Curry blamed the wreck on a "microburst," a sudden, vertical downdraft that struck the entire surface area of the Concordia's sails as it was angled over to one side. Within seconds, the boat went from sailing upright to lying on its side and beginning to sink.

Only 30 minutes later, it was underwater, Curry said.

Toronto native Keaton Farwell said her biggest fear was that no one was aware the group needed to be rescued.

"We thought our signal had failed and nobody knew and it could be weeks before we were saved," she told a news conference. "The worst life-and-death thoughts were going through our heads, and everybody was panicking."

The navy said the distress signal was picked up around 5 p.m. Thursday, and an air force plane later spotted life rafts in the ocean about 500 kilometres from Rio.

Her father, Darren Farwell, told CTV Toronto Sunday afternoon that his daughter told him despite the scary experience, she'd still be willing to take part in another Class Afloat program.

The SV Concordia is part of the Class Afloat program, a five-month voyage that allows students in grades 11 and 12 and the first year of college to study while sailing around the world.

The vessel was five days out from Montevideo, Uruguay when it sank.

The federal Transportation Safety Board says it will assist in an investigation to be led by the ship's flag state country, Barbados.

The Concordia is owned by West Island College International. Forty-two of those onboard were identified as Canadians, mostly high school and university students.

The vessel is the only one owned by the school. McCarthy said officials at Class Afloat will work to develop "an educational plan for the future of these children" that will allow them to complete their studies.

The ship had visited Europe and Africa since leaving Canada in September, and it had just begun a five-month semester program on leaving Recife in northeast Brazil on Feb. 8.

The 57.5-metre-long Concordia was built in 1992 and "meets all of the international requirements for safety," according to West Island College International's website.

With files from The Associated Press