The second survivor from a capsized cattle ship en route from New Zealand to China, who was found by the Japanese coastguard in the East China Sea, has died.

The coastguard had said the man was found unconscious about 120 kilometres north-north-west of Amami Oshima island and transferred to a hospital.

Kyodo news cited the coastguard as saying the man had died.

A life jacket and cattle carcass were also collected from the same area, the coastguard said, and the search was continuing for 41 other crew members.

Three vessels, one aeroplane and two divers were taking part in the search for the Gulf Livestock 1, which went missing on Wednesday after it sent a distress call as Typhoon Maysak lashed the area with strong winds and heavy seas.

More than 40 crew members including two Australians and two New Zealanders were on board the ship, which was carrying cattle from New Zealand to China, capsized in stormy weather in the East China Sea.

The crew of 43 was made up of 39 people from the Philippines, two from Australia and two from New Zealand.

UAE-based Gulf Navigation issued a statement saying the Panamanian-flagged Gulf Livestock 1 was their vessel.

“Our hearts go out to those onboard and their families at this time,” a Gulf Navigation spokesman said.

“We also express deep regret for the sad loss of the livestock on board. We are monitoring the situation closely and working closely with those involved in rescue efforts. We pray that there are other survivors.”

Sareno Edvarodo, a 45-year-old chief officer from the Philippines, was rescued on Wednesday night, Japan’s coastguard said.

The coastguard quoted Mr Edvarodo as saying the ship lost an engine before it was hit by a wave and capsized.

The second crew member was found on Friday morning.

Fears are still held for the two missing Australians, understood to be a vet and a stock handler who were on board the Jordanian vessel Gulf Livestock 1 which was en route to China from New Zealand.

Lukas Orda, who previously worked at Gold Coast Equine Clinic and studied at James Cook University in Townsville, has been identified as the vet in several media reports.

Queensland equine vet Lukas Orda was believed to be on the Gulf Livestock 1 when it went missing. Photo: Facebook

His wife has pleaded on social media for her husband to “come home”.

Emma Orda, who recently had the couple’s first child Theo, posted a photo of the pair to Facebook overnight with a touching message for the 25-year-old.

“Please come home really soon, we love you,” the post read.

The Philippines government said it was coordinating with the Japanese coastguard in the search.

Typhoon Maysak made landfall in South Korea on Thursday, bringing lashing winds, and at least two people were killed in the southern city of Busan.

New Zealand’s Ministry for Primary Industries (MPI) said it had temporarily suspended live cattle export applications after the Gulf Livestock 1 went missing.

-with AAP