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 6.30pm last night.
A 45-year-old man from Levin who was also on board the 'Horizon' managed to swim ashore near Hokio Beach after several hours in the water. He does not wish to be identified at this stage.
The family of Mr Chrystall also do not wish to speak to the media at this stage and Police ask that media respect their wishes.
Further searches will be carried out tomorrow morning after high tide.
Unless the situation changes there will be no further media updates today.