Marine Rescue, the Australian Maritime Safety Authority and multiple helicopters were involved in the search until a recreational fisherman happened across the missing man a day after he vanished from his ship.
In short:
The seafarer went overboard from a bulk carrier off the coast of Newcastle around 11:30 on Thursday night.
A multi-agency search had been underway since midday, about seven nautical miles offshore.
A recreational fisherman found the man in the water while returning from a day out fishing.
I was going to post this but one version of the story said they swam 8km to shore and were found on the beach so it was unclear which was more authoritative.