A stand-off between an armed man and police continues at Eagle Street pier in the Brisbane CBD.

The stand-off has continued throughout the day.

It began early this morning when police received a call about a 54-year-old man making threats.

The man has moored his yacht between two ferries at the city's Eagle Street Ferry terminal.

He has been seen on the boat's deck carrying a five litre container of fuel and a long knife, playing a guitar and smoking.

This afternoon, a police robot handed him a case containing a phone and what appeared to be a piece of paper.

A 100 metre exclusion zone extends from the terminal along the Riverside walkway, but police also say the man is not posing a public safety risk.

But the stand-off is having an impact on Brisbane's peak-hour transport services.

The Riverside ferry terminal remains closed, and council buses are running from Eagle Street to the Mowbray Park, Hawthorne and Bulimba Citycat terminals.

The alternate bus services will continue until 8pm (AEST).