British sailor John Fisher lost overboard from Volvo Ocean Race yacht Scallywag
A search mission was carried out by team-mates but they were unable to find him and Richard Brisius, the President of the Volvo Ocean Race, has given a further update.
Other crew members are reported safe.
Briton John Fisher went missing from the yacht SHK/Scallywag at 1342 GMT Monday some 2,250 kilometers west of Cape Horn on the tip of South America.
John Fisher, 47, was taking part in the 45,000 mile Volvo Ocean Race and has been reported missing in gale force winds by his team - Sun Hung Kai/Scallyway.
A search and rescue operation is underway.
"Yesterday, just after 1300 UTC [GMT], Race Control for the Volvo Ocean Race were informed of a man overboard situation by Team Sun Hung Kai/Scallywag".
The wind was a strong 35-knot westerly, with water temperature of nine degrees Celsius at the time of the incident.
He was on watch and wearing appropriate survival gear when he fell into the water, the organisers said.
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"SHK/Scallywag has thus made the hard decision to turn downwind and head towards the South American coast, the nearest safe landfall, approximately 1200 nautical miles away".
A race video posted on YouTube by Team Scallywag shows the intensity of ocean conditions, and features an interview with Mr Fisher and his teammates.
There is daylight in the area, but weather conditions are forecast to deteriorate in the coming hours.
A ship some 400 nautical miles away has diverted to the scene.
Earlier in the race, Scallywag crewman Alex Gough fell overboard during a sail change but he rescued within seven minutes.
The teams are now on Leg 7 from Auckland, New Zealand, to Itajai, Brazil which covers 7,600 nautical miles.
There has already been one fatal accident involving the race, with Vestas 11th Hour Racing withdrawing from the fourth leg in January after a collision with a fishing boat on the approach to Hong Kong.
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