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The Coast Guard found the body of the other missing crew member late Monday.
Rescue crews are still hopeful that the captain of the HMS Bounty will be found alive, two days after the crew abandoned the sinking ship.
Capt. Robin Walbridge, 63, was among 16 crewmembers aboard the 180-foot, three mast ship, when it lost communication with its owner after being caught in Hurricane Sandy late Sunday, reports the Washington Post.
Two of the crew members did not make it onto the 25-foot life boats. The body of the other missing crewmember, 42-year-old Claudene Christian was discovered late Monday.
Coast Guard Petty Officer 1st Class Brandyn Hill told the Contra Costa Times that rescue teams remain "absolutely" hopeful that the captain will be found alive.
"The fact that he was wearing a survival suit greatly increases his chances to survive," Hill said Tuesday.
"It's a bright orange color that makes it easier to locate a person in the water. The suits also have reflective tape and they generally have a strobe light attached to them."
Coast Guard spokesman Lt. Mike Patterson told the Associated Press that rescue teams will continue searching for Walbridge through Tuesday night with a C-130 plane and 2 cutter ships.
They hope the captain has been able to survive in the mild 77-degree waters of the Atlantic.
Walbridge's wife, Claudia McCann, told The Associated Press that her husband is an experienced sailor who has been in many storms.
She said she last from him Monday morning when he sent her an e-mail telling her not to worry about the hurricane.