The lead three yachts - Comanche, Rambler and Australia's Ragamuffin - have all been forced to overcome day-one damage to remain in contention for the race.
All three suffered damaged or lost dagger boards while Comanche's rudder required repairs following the strong front on Saturday night which led to the retirement of eight-time winner and defending champion Wild Oats XI.
Both US boats report hitting something submerged in the water.
Skipper David Witt said Ragamuffin's crisis struck when they were about eight miles behind Comanche and the lost dagger board caused the gap to grow.
"Basically you can't sail without it so what we've done is we've managed to, which is quite dangerous, but we pulled the starboard dagger board out and drilled a hole in it and then we turned it upside down and dropped it in the other side," Witt said during a satellite call from the boat.
"So tacking is a bit of a process for us and a little bit dangerous for us at times."
Comanche's likely victory comes after her near-withdrawal on Saturday night after suffering damage.
But the crew has adapted, skipper Ken Read said.
"We've learned how to sail the boat a little differently, without a dagger board (and) with only part of a rudder," Read told the Seven Network on Monday.
"Fortunately we've got an incredible crew on board this boat that figured out a couple of little tricks and kind of fixed the steering system and we figured out how to sail the boat a little better on starboard tack without a board, and off we go."
If Comanche takes line honours it will be the first time since 2001 - when Swedish boat Assa Abloy won - that a foreign-flagged yacht has led the fleet into Hobart.
In the constantly changing handicap standings, Rambler and Comanche remain in the top-five.
Last year's overall winner Wild Rose, tipped to come close again in 2015, is placed 30th with an estimated finish on Friday.
Wild Rose navigator Jennifer Wells said the yacht has entered a calm Bass Strait after an uncomfortable first 36 hours at sea amid rough conditions.
"Our biggest excitement in last few hours was sighting two sharks," she said.
"(We are) looking forward to the predicted better breeze later this afternoon, as no doubt is the rest of the fleet."
- AAP