The sunken vessel, Enchanter, took keen anglers on multi-day fishing trips to the Three Kings Islands / Manawatāwhi, northwest of Cape Reinga.
The boat that sank overnight off the Far North coast, leaving at least three people dead, was a popular fishing charter vessel that took anglers to some of New Zealand's best off-shore fishing spots.
Enchanter was on a multi-day fishing trip when it hit rough weather last night, the Herald has been told.
It sent out a distress signal just after 8pm.
The emergency position-indicating radio beacon signal came from southeast of North Cape, according to Maritime NZ.
Skipper Lance Goodhew radioed into Radio Mangonui at 10pm saying he was about an hour off the North Cape before losing signal.
The first rescuers, on board a helicopter, did not arrive till after 11.30pm due to the wild weather, with gales and thunderstorms making flying dangerous, Maritime NZ said.
Five people were rescued from the water overnight. Another two bodies were found this morning and recovered by helicopter while a third was recovered by a vessel involved in the search.
A fourth body was found this afternoon and a search for one more missing person continues.
The five survivors were all in a stable condition in Kaitāia Hospital earlier, according to police. Goodhew was understood to be among them. They were released earlier today.
Enchanter was one of three similar-sized boats run by Enchanter Fishing Charters, established by Goodhew in 1995. More than 100,000 people follow its Facebook page, depicting the massive game fish regularly hauled in by passengers.
It promotes its services as "charter fishing for the serious angler", describing itself as a specialist in taking people to remote fishing spots including the Three Kings Islands/Manawatāwhi .
The uninhabited islands, about 55km northwest of Cape Reinga, are a fishing paradise and a once-in-a-lifetime destination for keen anglers.
Enchanter is based out of Mangonui and offers live-aboard trips of up to eight days.
The 17-metre craft was designed by Erwin Hagg, and built out of double diagonal kauri, glassed over, according to the company website.
It can accommodate eight passengers in single sleeping berths, and has a full-sized toilet and shower. It operates under "full safety requirements" specified by Maritime NZ, the website says.
Skipper Goodhew "has a passion for the sea and fishing, dedicates his life to living on the ocean aboard Enchanter for over 250 days per year for the past 20 years", it says.
"He is the captain of Enchanter and runs the operation, he runs a tight ship and highly motivated crew. He is a qualified offshore master and has extensive knowledge and experience in the industry and working in these extreme environments."