An Australian sailor has died and two others have been hospitalised following a yachting accident off the coast of the Philippines.

The crew of the yacht ‘Katerina’ were met with violent storms last Thursday as they were sailing the vessel to North Queensland.

The trio were reportedly sailing the luxury yacht to its new home when they were met with rough conditions.

Anthony Mahoney, 73, Laurie Miller, 68, and Lionel Ansselin, all skilled sailors, were on board the ship.