Updated 10:25am

More than 200 people are feared to have died after a ferry sunk in Tanzania's Lake Victoria.

At least 86 people have been confirmed dead, while officials said 37 others were rescued.

There are local reports the vessel was only meant for 100 people, but may have had more than 400 people on board.

The actual number of people who were travelling on the ferry was not immediately apparent, with media reporting that the person dispensing tickets was among those who drowned.

A spokesperson for the TEMESA ferry service operators told the Reuters news agency that engine maintenance had been carried out on the boat in recent months.

The ferry went down just metres from the dock on the island of Ukerewe on Thursday afternoon.

Rescue and search operations were halted overnight, but resumed this morning.

After 44 bodies were found on Thursday, officials confirmed another 42 had been discovered on Friday morning.

Lake Victoria - Africa's largest lake - is spread across Tanzania, Kenya and Uganda.

The have been several major disasters on the lake over the years, with more than 800 people killed when the MV Bukoba sank in 1996.