The family of an Australian sailor who died at sea are devastated over his loss and that it took "days and days" to find him and his fellow crewmen after a yacht accident off the Philippines.

Anthony “Johnny” Mahoney, 73, along with his two sailing mates, Laurie Miller and Lionel Ansselin, were in charge of delivering a luxury vessel from Townsville over to the Philippines when they ran into treacherous seas.

Off the coast of the Philippines, they were forced to let off an emergency EPIRK beacon device on Thursday and then they abandoned the vessel.

Johnny Mahoney clung to a dinghy for four days and then died. (Facebook)

The trio were delivery the Katerina to the Philippines. (Supplied)

They clung to a dinghy in those wild seas for four days.

But sadly, when emergency services eventually found them yesterday, Mr Mahoney could not be saved.

Mr Mahoney's stepdaughter Shannon Grasso said she was disappointed it took so long for authorities to find her stepfather, considering his age and that he was in the elements for days without food.

A map showing where the sailors were caught in wild seas. (9NEWS)

Mr Mahoney with sailing mates, Lionel Ansselin and Laurie Miller. (Supplied)

"I don't want others risking their life and I would like to think they did all they could. But it does seem like a long time for them to find them," Ms Grasso said.

She said "Johnny" as he was affectionately known, was a much-loved singer in the Townsville area and he spent eight years living in Malaysia with his late wife Shelley.

Tragically, Shelley also lost her life at sea - in a sailing accident in Malaysian waters in 2014.

Ms Grasso said there was also a five-hour delay in assisting her mother before she died.

His wife, Shelly, died in a freak sailing incident in Malaysia in 2014. (Facebook)

"We can't believe it's happened again," she said.

"Not many families go through this once, let alone a second time."

Ms Grasso said the family was happy the couple would now be together.

Mr Mahoney's son Mark posted on Facebook that his father was his "inspiration".

"You are irreplaceable but your memories will last forever," he wrote.

The vessel the trio were transporting to the Philippines last week is an 18-metre luxury yacht, called the Katerina, was once owned by US broadcaster Walter Cronkite.

It has had guests including Bill and Hillary Clinton.

The vessel was found relatively undamaged.

The two survivors are now in intensive care in a Philippines hospital.