No trace has been found of two men who were on board a light plane that crashed into Tasmania's Storm Bay while covering the Sydney to Hobart Yacht Race.

Pilot Sam Langford, 29, and 61-year-old photographer Tim Jones were on board the Cessna 172 when it went down off the Tasman Peninsula on Monday night.

Debris from the plane that nose-dived into the sea has been picked up by yachting crews taking part in the race.

The items, including a headrest and headphones, were recovered when several crews went to the aid of those on board the plane and have been handed to police.

Search crews spent Tuesday scouring the coastline and water from the land, sea and air. The search for Mr Langford and Mr Jones will continue on Wednesday.

Photographer Tim Jones, left, and pilot Sam Langford were on board the plane when it crashed. ( Supplied )

Airlines of Tasmania described Mr Langford as a valued member of the team who loved flying and was passionate about aviation.

Managing director Shannon Wells said the company's deep concern was with the families of the pilot and his passenger as they await news from search authorities.

Police said the plane sank within 30 seconds and no-one was seen evacuating.

Inspector Lee Renshaw said the water at the site was 90 metres deep but some debris had been found.

"There were some items unique to the aircraft recovered by a couple of the yachts last night which we've now taken possession of," he said.

"It's a headrest, a set of headphones and a cover off one of one of the earpieces on the headphones."

Inspector Renshaw said there was no distress call from the plane before it crashed.

"The first mayday call that we're aware of came from the yacht Mistraal.

Plane crashed nose-first, competitor reports aftermath of crash

Acting Assistant Commissioner Tony Cerritelli from Tasmania Police said the crew of Mistraal, a Tasmanian entrant, saw the plane banking at just above mast height moments before crashing nose-first into the water about 300 metres away from them.

A sound recording has emerged of a Tasmanian race competitor reporting the immediate aftermath of the crash.

Sorry, this video has expired Listen to the radio call from Mistraal

The audio appears to be Jacinta Cooper, the Tasmanian skipper of Mistraal, contacting race control.

"Mayday, mayday, mayday. We have a plane in the water. Plane in the water at [coordinates] 43 14 147 50. This is Mistraal. Mistraal," she said.

Cooper and her husband Brett were completing their second Sydney to Hobart race, 20 years after their first attempt.

"We are approaching the plane, the plane is sinking," she said.

"Mistraal is standing by at the site."

It was joined by eight other Sydney to Hobart competitors and the police boat Van Diemen 20 minutes later.

Two helicopters and at least three police boats, one with sonar searching equipment, scoured the area on Tuesday.

A photo taken by a Sydney to Hobart Yacht Race spectator is believed to show the missing plane. ( Supplied: Chris James )

The depth of the water at the crash site is between 85 and 95 metres, which would require specialised divers to conduct a search.

Police and SES also searched the coastline around Crescent Bay and Remarkable Caves.

On Tuesday morning police visited Mistraal at Hobart docks and spoke to at least one crew member.

All yachts that diverted from the race course to go to the aid of those on board the stricken plane have since moored at Hobart's Constitution Dock.

Commodore of the Cruising Yacht Club, John Cameron, said the race was of secondary importance to the safety of people.

"Our thoughts and prayers are with the family and friends of those involved in yesterday's incident and for the yacht crews who offered assistance under very difficult circumstances," he said.

"I would also like to commend and thank the Australian Maritime Safety Authority, the police, and the local search and rescue teams."