Update, 3.46: GRAVE fears are held for a 39-year-old man after a fishing trawler was overturned off Coolangatta last night.

Queensland water police along with rescue groups are searching for the man.  

"It's believed the trawler with two people on board struck a submerged object or became caught in nets about 2am," a police statement said.   

The deckhand was washed overboard and is still missing.  

"The skipper remained on the boat for several hours before getting into a life raft and activating an Emergency Position Indicating Radio Beacon as the boat began to sink," the statement said.   

The skipper was trapped in the wheel house for 7 hours before he was able to free himself.

He was picked up by the Careflight helicopter and transported to Robina Hospital suffering from hypothermia.   

Initial report, 2.39: A SEARCH is under way for a missing person who is believed to be in the ocean off Coolangatta.

The Westpac Life Saver Rescue Helicopter was tasked to assist in the search about 2.10pm.

Last night a yacht is believed to have overturned.

This morning one person was located in a life raft, they reported the second person was still missing.

The rescue helicopter and police are searching for the man.

A police spokeswoman said there was no more information available at this time.

Updates to come.