As previously reported on Afloat.ie, the Lady Eileen - with two crew on board - was due to return to Quilty on Monday evening.
Searchers discovered debris and diesel in the water near Spanish Point in the early stages of the search on Monday night.
Meanwhile, the body of a father-of-three from Clare Island in Co Mayo was recovered from the sea by local fishermen last night.
The man - whose name is being withheld till all relations have been informed - was reported missing by a relative after he failed to return from a fishing trip in his currach.
The Marine Casualty Investigation Board (MCIB) is expected to open investigations into both incidents, as well as the death of John O'Leary of Allihies in West Cork, who lost his life after the Enterprise dinghy he was sailing with his son capsized off the Beara Peninsula on Monday.