Police believe that the body of the Tauranga fisherman, missing since yesterday, has been located by Coastguard.

Police says the body was located just after 12.20pm today, north of Karewa Island.

"Other items believed to be from the boat have been located too but the boat has not yet been found.

"Police would like to thank Coastguard from Waihi, Maketu and Tauranga. Also our thanks go to Tauranga TECT Rescue Helicopter, Coastguard Air Patrol and Westpac Rescue Helicopter from Whitianga.

"Police extend their sympathy to the man's family and friends. Investigations into this case is still continuing and no further information is available at this time."