TWO men have tragically drowned after their boat capsized off the northeast coast of Tasmania.

The two men aged in their 60s and a third 73-year-old man were fishing near Policemans Point off Ansons Bay when their 5m dinghy starting taking on water on Saturday afternoon.

According to News Corp, the three men tried removing the water from the vessel, but were unsuccessful and the boat started to capsize shortly before 5pm.

Tasmania Police said the 73-year-old man managed to inflate his life jacket and swim half a kilometre to shore to raise the alarm.

There, he alerted a fisherman who jumped in his boat to go back and rescue the other two men, but it was too late.

Police confirmed the two younger men drowned in the disaster.

They were identified on Sunday afternoon as former Tasmanian MP and state cricketer Tony Benneworth and 68-year-old Anthony Edward Long.

It’s understood only one of them was wearing their life jacket but had struggled to inflate it.

Police are investigating why the boat started taking on water and will prepare a report for the Coroner.