By Kim Glovas

CAPE MAY, N.J. (CBS) — A commercial tow boat missing off the coast of the Jersey shore has been found, but the captain of the boat is still missing.

Sea Tow Services International, a private towing and recovery company, is reporting that the Cape Hatteras has been located upside down just south of the Great Egg Harbor inlet.

The ship was found Thursday night.

The boat, with captain Dave McAuliffe aboard, went missing Tuesday morning.   He left Farley State Marina at 7:45am that morning, heading to Somers Point, NJ, but he never arrived.

His boat’s emergency radio beacon activated at 10:45am (see related story).

A US Coast Guard search went on for two days, covering 400 square miles, but it was called off Wednesday night.

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