KEY POINTS:
A man who died after the yacht he was sailing capsized near Tauranga this morning struggled with his life jacket and was overwhelmed by the conditions, say police.
His companion survived by tying himself to the rudder of the upturned hull.
The two Napier men, aged in their 50s, were sailing from Gisborne to Tauranga when they struck trouble close to their destination.
The Rescue Coordination Centre New Zealand (RCCNZ) was alerted to the pair's plight when an emergency locator beacon was activated at 5.20am.
This was quickly followed by a maritime radio mayday call and the release of two distress flares.
The Trust Power Rescue Helicopter, a Phillips Rescue Trust fixed wing aircraft and a Tauranga Coastguard vessel were sent to search for the yacht, which was found overturned near Motiti Island, 20km east of Mt Maunganui, just before 7am.
The surviving crew member was found on the upturned hull of the 12m yacht, while the body of his companion was found in the water about 100 metres away.
Sergeant Wayne Lambert, of Tauranga police, said sea conditions were not rough at the time and the weather was mild.
It appeared the yacht had lost its keel, but the reason why was not yet known, Mr Lambert said.
"The chap who passed away was having difficulty with his life jacket while in the water, was overwhelmed by the conditions and died.
"Whether it was through drowning or a heart attack will be established at a post mortem."
The surviving crew member was not badly hurt but was being checked out at Tauranga Hospital today.
The dead man's name will not be released until next of kin have been informed.
Maritime New Zealand will investigate the incident.
- NZPA