Two other Australians aboard the Cowrie Dancer were injured when its mast snapped roughly 750 nautical miles south-east of the South African coast, throwing 55-year-old John Blackman into the sea, rescue officer Mark Steed said.
"It lost its mast, in heavy seas, bad weather," Mr Steed said.
"When it happened one of the crew members got washed overboard and he is lost."
Three men from Western Australia and a woman from South Africa were aboard the yacht. Skipper Dale Peterson was believed to have a broken leg and Nicholas Lawson suffered bruising and cuts to his scalp. Carol Erasmus was not injured.
"At the moment things are going well, the Agulhas, the vessel that we diverted to assist, should be there about noon, GMT ? this evening your time," said Mr Steed.
Mr Steed said the crew had searched for the missing man yesterday.
"They did a search with motor power and nothing was found, unfortunately," he said.
"The chances of finding him are very slim, even if he did have a life jacket which, our information says, he was not wearing a life jacket.
"It was quite deep sea, 750 miles from the nearest South African coast and about 500 miles (805km) north of Marion Island, it really was in the middle of nowhere."
Mr Steed said it was lucky the research vessel SA Agulhas was at a South African research centre on the island and could be diverted to help the Cowrie Dancer."
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