The BBC's Kelly Goodwin: The rescue operation was made hazardous by freezing conditions

The vessel's owner Tom Latchford, 56, from Pitsea, and David Burns, 58, from Benfleet, both in Essex, lost their lives in the tragedy.

Mr Latchford's 20ft speedboat became engulfed in flames on Saturday when it was off the Essex coast.

He had suffered severe propeller injuries and was pulled unconscious from the water by lifeboat crews early on Sunday.

The sailor, who had spent 90 minutes in the icy waters, was found nearly a mile from his sunken boat.

Mr Latchford received emergency medical treatment as he was ferried to Two Tree Island off the Essex coast. He was then transferred by ambulance to Southend General Hospital where he was pronounced dead, police said.

Mr Burns's body was discovered washed up on Sunday morning on Two Tree Island and brought into shore by lifeboat.

Not suspicious

Post mortem examinations will be carried out on Monday. Essex Police do not believe there are any suspicious circumstances surrounding the fire.

The boat has been recovered and has been examined by both fire investigation officers and scenes of crime officers to discover the cause of the fire. They are preparing a report for the coroner.

The major air and sea search began when the alarm was raised late on Saturday night by a seafarer who spotted the flames coming from the speedboat.

One man was spotted leaping into the freezing water to escape the blaze, prompting four rescue vessels and the Essex police helicopter with thermal imaging gear to search the area.

Two fire brigade crews were also called to the scene, off the Island Yacht Club, Canvey Island just after 2300GMT. It is believed the boat was heading back to base when it caught fire.