The man missing, presumed drowned off the coast of Foxton, can now be named as 38-year-old Colin Robert Chrystall, from Foxton.
Mr Chrystall was the owner and skipper of `Horizon', a 7.5 metre aluminium catamaran which sank at approximately 6.30 last night.
Police searched this morning, and were assisted by a Coastguard boat from Whanganui, a boat and a jetski from Coastguard Manawatu, and an Iroquois helicopter and twin engine plane from Air Charter Manawatu in Feilding.
The search has been suspended for the day but further searches will be carried out tomorrow morning after high tide.
Central District Operations Manager Inspector Dave White said the extensive air, sea and land search had been postponed for today because of low cloud and poor visibility.