Desperate search is launched for missing sailor after boat overturned off Lady Elliot Island leaving his two passengers clinging to the side

A desperate search has been launched for a missing man after two people were found clinging to the side of a boat that had overturned. 

The yacht had three people on board and overturned off Lady Elliott Island near Gladstone, in Queensland, on Sunday morning.

It is understood the yacht was travelling from Yeppoon to Brisbane when it struck trouble.

The boat was about four nautical miles south of Lady Elliot Island when an EPIRB was activated at about 5am, the Courier Mail reported.

A search and rescue operation involving multiple vessels, police divers and a Bundaberg-based rescue helicopter was launched by emergency services.

The yacht overturned off Lady Elliott Island (pictured), on the way to Brisbane. An emergency beacon was activated about 5am on Sunday

A search and rescue operation was launched and a helicopter located two men clinging to the vessel at about 10.15am on Sunday. The search for a third man is still ongoing (pictured stock image of a Queensland rescue boat)

A search and rescue operation was launched and a helicopter located two men clinging to the vessel at about 10.15am on Sunday. The search for a third man is still ongoing (pictured stock image of a Queensland rescue boat)

The rescue helicopter found two men clinging to the side of the vessel at about 10.15am. 

The pair were flown to a Bundaberg hospital.

All three men are believed to be experienced sailors.

The search for the third man continues. 

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