Major search underway after early morning yacht capsize

The yacht was approximately four nautical miles south of the 45-hectare coral cay, which is part of the Great Barrier Reef and home to a small eco-resort, when an EPIRB relaying an emergency code message was activated at 5am.

It's understood it was on its way from Yeppoon to Brisbane.

Police and emergency services launched a search and rescue operation involving multiple vessels, police divers and a helicopter.

Just after 10.15am, the chopper located two people in the water, who were winched to safety before being taken to hospital for treatment.

However the search continues for a missing man.