Solomon Islands police say three people of the 14 on board went missing - one female adult and two children aged three and seven. The others managed to swim ashore.
RNZ Pacific reports the body of the missing woman was found at Taura Point near Namuga sub-station.
Provincial Police Commander Superintendent Peter Siatai said the boat left Kirakira town to head to Na'ana Elite logging company camp site in East Makira on January 16.
"Upon arrival the boat was unable to go ashore due to big waves developed at the passage. The skipper then diverted the boat to a nearby logging camp at Tamana where the boat manage to go ashore.
"It was already dark and the passengers were still in the process of offloading their belongings. Suddenly a big wave and a strong current pulled the boat back into the deep water where the boat unfortunately overturned," Sitai said.
Police are warning mariners not to overload their boats, carry life jackets and check the weather before embarking.