THE TORRES Herald found some serious trouble at the weekend.
Protruding masts were all that could be seen after the big old wooden yacht sank in the Calliope River.
Snr Constable John Kernan said police were trying to locate the owner.
"Volunteer Marine Rescue gave us information that a vessel had sunk this morning (yesterday)," he said.
"We're currently still in the process of trying to locate the owners.
"The harbour master and Maritime Safety Queensland have been advised.
"Investigations are continuing into the matter and we'll have to work out how to remove the vessel.
"Mariners should take care when navigating around there.
"It's not too dangerous though because there are two masts visible at all tides."
VMR Gladstone controller Russell Charles said he found out about the sinking yesterday morning.
"We received a lot of reports about it this morning that it sank in its mooring," he said.
"Because it is a salvage operation it's outside of our constitution."
The Observer understands that if the vessel is considered to be a hazard to navigation there will likely be an order made to have the boat removed.
Tributes to the old yacht were paid on the Gladstone community Facebook site All Things Fishing.
Mellie Stratton recalled fond memories of the boat.
"Its name was the Torres Herald, it's been around a long time that boat," she said.
"My dad remembers it from the 60s and 70s up in the Straits.
"That's a bit of a shame it's gone."
Terrin Sharpes said he was not surprised to see the boat go under.
"It didn't look real good on Friday night it had swung up against the bank while tide was ebbing and was listing over - I'm not surprised it has sunk," he said.