Tasmania police has identified the bodies of two fishermen found in the waters off Hobart this afternoon.
Magnus Julian Ritter, 34, of Cambridge and Luke William Davies, 32, of Mt Nelson were two of four men reported missing at sea on Sunday.
The men, one of whom was a Kiwi, were reported missing by a family member at about 6:45pm (8:45pm NZT) on Sunday evening.
The two that have been identified were found at about midday (2pm NZT) on Monday near Sloping Main.
The friends had launched their 4.8 metre fibreglass boat from a suburban beach before they vanished.
Today, search and rescue teams are continuing their search for the remaining two missing men. It's unclear whether the New Zealander is one of those who remain missing.
Police were preparing a report for the Coroner regarding the incident.
"Our thoughts are with the families involved," police said in a statement released this afternoon.
Tasmania police had earlier said chances of finding the men alive were slim if their boat, powered by a two-stroke 150 horsepower motor, had capsised.
Inspector Lee Renshaw said water temperatures were between 10C and 14C
"Survivability in water that temperature is not good ... if they're in the water their survival chances are diminishing as we speak," he said before the two bodies were found.
Searchers on water and in the air have been looking for the men, who were believed to be carrying four lifejackets but not an emergency locator beacon.
There was a 10 to 15 knot wind when the men launched their boat and search and rescue experts were studying drift maps to help find the men.
A Ministry of Foreign Affairs and Trade spokesman said on Monday the New Zealand Police Liaison Officer at the New Zealand High Commission in Canberra was in contact with Australian authorities and New Zealand police were in contact with family of the missing Kiwi.