A Polish round-the-world sailor has spent his third night stranded in the South Pacific.

On Thursday the 64-year-old set off an emergency beacon when the steering on his yacht failed, east of the Chatham Islands.

He was finally found by a cargo ship last night, but they wouldn't attempt a rescue in the dark.

Maritime New Zealand spokesperson Mark Dittmer said for some reason the sailor turned his beacon off yesterday.

"There were a few hours spent locating him again and the cargo ship was able to make radio contact with him," Mr Dittmer said.

Dittmer says they will be resuming the rescue at first light.