Seven people were rescued on Sunday after being spotted by a New Zealand defence force plane.
“The search continues for a life raft that was launched from the sinking ferry,” Rescue Coordination Centre New Zealand said in a statement.
“The life raft is designed for 25 people but more can be squeezed in uncomfortably.
“Kiribati authorities have confirmed that about 80 passengers plus crew of likely about five were on the ferry Butiraoi that sank on January 18.”
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The 17 metre-long wooden catamaran left Nonouti Island on January 18 for the main island of Tarawa on a two-day journey.
The New Zealand Air Force P3 Orion plane found the seven survivors adrift in a dinghy after Kiribati authorities raised the alarm on Friday, more than a week after the boat was overdue.
The three men, three women and teenaged girl were picked up by a fishing trawler and told authorities two dinghies and a life raft were launched after the catamaran broke apart, but one of the boats capsized.
The MV Butiraoi had reportedly just undergone repairs, was not carrying an emergency beacon and was overloaded with passengers and copra.
The Kiribati goverment has declared a week of prayer and promised a full investigation into the sinking.
The search area is about 800 kilometres west of Kiribati.