Various unconfirmed reports suggest a tiger shark or a great white shark may have been involved.
NSW Ambulance Chief Superintendent Luke Wiseman said the man was on board with three other people, with initial investigations centring on whether the man had become tangled in some of his line.
He said the man appeared to be a โvery competent fishermanโ.
The three others on board managed to make their way to the Nelson Bay area about 10pm Sunday where they underwent welfare assessments from paramedics.
โThey declined clinical assessments,โ Wiseman told Sunrise.
โWe provided chaplain services to work with them and support them whilst they actually engage with NSW Police.โ
He said reports of a shark being involved would be investigated by police.
A multi-agency search was launched with multiple helicopters on Sunday afternoon.
โCrews from Water Police, Lifesaver helicopter, and Marine Rescue NSW are responding to reports a person has disappeared after falling overboard from a recreational fishing vessel 55km off the Newcastle coast,โ a NSW Police spokesperson said.
The search was set to resume on Monday morning.
More to come โฆ