A man who died after setting sail in his new boat for the first time has been named as Terry Annesley.

The 72-year-old Queenslander had only bought the boat four months ago.

He died after the yacht capsized off Sydney’s south in the early hours of the morning.

The only other person aboard, Jacinta Hip, 24, survived after swimming to shore at Boat Harbour, near Kurnell, which police say was remarkable.

Emergency services were called after the boats' emergency beacon was activated at 3.30am this morning in choppy seas.

Water Police and a NSW Ambulance rescue helicopter conducted a search of the area and located the body of a man floating in the water near the C.C. Rider boat, which had capsized off Wanda Beach.

Mr Annesley was winched up and taken to shore but ambulance officers were unable to revive him.

The 24-year-old woman was treated at the scene for exposure and hypothermia and is now at Sutherland Hospital under observation.

NSW Police Acting Inspector Melissa Thompson said: “We believe she was about 20 to 30 metres off shore.”

“It’s a tragic circumstance for that time of the morning and the fact it was still quite dark it is remarkable she got to the shore.

“The seas were quite hazardous which would have made it difficult for rescue efforts.”

The vessel, sized just under 9m long, remains washed up near Wanda Beach because the conditions are too hazardous to remove it.

The pair were travelling from Greenwell Point on the NSW South Coast to Bundaberg where it's believed Mr Annesley lived.

They were less than 24 hours into the journey.

However they didn't log their route with Marine Rescue, as is advised, in case of trouble.

Executive Director of NSW Maritime Angus Mitchell, urged sailors to log on to Marine Rescue and log off when reaching their destination, wear a life jacket and know their vessel.

Police are investigating the incident with officers from Marine Area Command.

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