Police and search teams are now looking for the body of missing man Shaun Hogarth.
Police this morning said an extensive coastline and waterways search in the Tauranga Harbour had been completed for the missing 23-year-old.
A statement said police were satisfied that if Mr Hogarth was still alive in the water or had made it to land, he would have been located by searchers.
Inspector Karl Wright-St Clair said police now believed it was unlikely that Mr Hogath had survived the incident.
"The search and rescue team have shifted their focus to recovering Mr Hogarth's body", he said.
The police dive team and Royal New Zealand Navy divers will continue to use sonar equipment and continue searching and area where police believed the vessel was swamped.
The conditions on the water today will be testing for the team given the tidal nature of the area and the weather, Mr Wright-St Clair said.
"Our thoughts are with the family at this time they have asked me to convey that they are seeking privacy to come to terms with the situation.''
Police are also still trying to locate 22-year-old Liam Kane who made it to shore but then disappeared, and are keen to hear from anyone who might know where he is.