A solo yachtsman who has "lost everything" after his boat was shipwrecked on an island off central Queensland has called on the public to help salvage his uninsured vessel.

James Swan, a 68-year-old retired builder from Mackay who has spent the last three years single-handedly circumnavigating the world, was sailing his 12-metre yacht around the Whitsundays, when he ran into trouble.

"I was leaving Middle Island, which is the southern group of the Whitsundays, [and] my headsail on the yacht parted," Mr Swan said.

"I started the engine, but unfortunately part of the sail went in the water and got caught around the propeller."

Without power, Mr Swan said he had no choice but set off a distress signal and watch his boat smash into the rocks.

"The boat was pounding against the rocks and I feared for my life," he said.

"I grabbed a blanket, a pair of jeans, jumped onto the slippery rocks and found my way to an overhanging ledge which gave me some shelter."

Winched to safety

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The Australian Maritime Safety Authority was alerted by Mr Swan's distress beacon around 4am on Wednesday.

Rescue helicopters from Rockhampton and Mackay were called in to help winch Mr Swan to safety.

Mr Swan said he was relieved by the sight of the helicopter and thought to himself, "here comes my taxi".

He was flown to Mackay around 8:30am but did not require treatment in hospital.

'A sign to give up boating'

Despite being safely back on land, Mr Swan said his dilemma was far from over.

"I'm in a bit of a dilemma here, because everything I own in on the boat — the boat is a wreck and it's not insured."

Mr Swan said he understood that without insurance he would have to fund the removal of his boat from Middle Island.

"As I'm giving up boating, I need somebody to salvage it," he said.

"I willing to let them have the boat for nothing ... I only request that I have my personal belongings."

Mr Swan said he hoped a member of the public could help him.