Searchers scoured an area from the surf club to some 3km out at sea, where visibility from the beach ended.
Mr Hamblyn said police had also spoken to fishermen in the area, none of whom had seen anything.
"So basically everything's been stood down. We're pretty confident that there's no capsized boat.''
Mr Hamblyn said it could have been "an optical illusion''.
The man may have seen a fishing vessel or a log, a number of which had been coming down the Manawatu River following recent heavy rain.
"But he's done the right thing by alerting us because if it was an upside-down boat, we'd obviously want to get to it fairly quickly.''