Police have released the name of the man who is missing after a boat was found capsized near Tauranga on Tuesday afternoon.

A search for the missing boatie off the coast of Tauranga resumed at first light today.

"Police can now confirm the missing person is 39-year-old Karl Earwaker, a farmer from Te Awamutu.

"Police believe Mr Earwaker has had a tragic accident and for reasons not yet fully known the boat has capsized."

A 5.6m fibreglass Sea Nymph, named Optimist, was found two nautical miles south of Mayor Island on Tuesday afternoon.

A surface search of the area where the boat was located is continuing today by police staff and Mr Earwaker's family.

"This afternoon the Police Dive Squad and Navy will begin a seafloor search in the same area.

"Police's thoughts are with Mr Earwaker's family and friends."