Tauranga Police have now confirmed that the body recovered off the Matapihi Peninsula early this morning is that of the missing fisherman from last night.
The missing fisherman is 55-year-old Moses Vahai of Merivale.
Police Search and Rescue co-ordinator, Sergeant Craig Madden, said it was unfortunate that this search has ended with the loss of a life.
Mr Madden said it was imperative that when anyone is on the water in a vessel, especially under 6m in length, that they carry lifejackets.
Mr Madden said neither of the occupants of the dinghy that sunk last night were wearing lifejackets or had them on board.