An operation is underway to salvage a yacht off the coast of Tauranga.
The 12-metre vessel capsized early on Sunday about 14km offshore between Mayor and Motiti islands.
Crewman Michael Claudatos, 52, of Napier died before help could arrive. He is said to have been overwhlemed after having difficulties with his life jacket.
A second crew member survived after clinging to the upturned hull.
Bay of Plenty harbour master Carl Magazinovic says the yacht owners and insurers have organised the salvage.
Maritime New Zealand is considering whether investigate the incident.
