IT'S the question on everyone's lips: Where is the yacht Frantic?

While competing in the 27th annual Airlie Beach Race Week last Thursday, Frantic hit the rocks at the southern end of Grassy Island.

Eight crew members were rescued by Ocean Affinity and taken to the Port of Airlie Marina but Frantic is yet to be recovered and simply cannot be found.

"It's definitely mysterious," David Edge, from Edge Marine Salvage said, after his barge attended the scene.

Mr Edge said when he and his crew arrived at Grassy Island on Friday morning to salvage the vessel, it was nowhere to be seen.

"There was no debris, no oil slick and no trace of any marine debris," he said.

"A lot of stuff from inside often floats outside like cushions, life jackets and bottles - kind of like what you see when an aeroplane crashes into the water.

"It may have sunk or drifted off."

Mr Edge described the spot where the yacht disappeared as the Bermuda Triangle of the Whitsundays.

"A lot of mysterious boat incidents have occurred around the northern islands," he said.

"It's a mysterious spot."

Last Friday, Frantic skipper Graham Furtado extended his search into the air to see if he could spot his yacht but he was unsuccessful.

President of the Whitsunday Sailing Club, Tim Parker, said a disappearance like this had never happened before during Race Week.

"When they've been on the rocks, they've stayed on the same rocks," he said.

"The yacht must have refloated when the tide rose nearly a metre higher than when it was stranded on the rocks so it must have floated loose in that time.

"I'm a little bit baffled."

Mr Edge is warning everyone to keep an eye out for the vessel if they are out on the water.

Frantic is a Sayer 40 and is sailed out of the Royal Queensland Yacht Squadron in Brisbane - she was a competitor in the Pittwater to Coffs Harbour ocean race last year.