The wreckage of a Boeing cargo plane has been found 12 hours after the flight first disappeared from radars over waters near Pakistan.

The wreckage of K2 Airways cargo Boeing 737 was recovered 98km south of Ormara port in the Arabian Sea, with a search still underway to find five crew members, including two pilots, two engineers and one support ​staffer.

Authorities have made no official declaration on their status, however, Pakistani Prime Minister Shehbaz Sharif expressed his “heartfelt condolences” to their families.

Know the news with the 7NEWS app: Download today

“After 12 hours of Search and Rescue operations in deep sea have successfully located and identified wreckage of K2 Airways Cargo B737 which was declared missing last night,” Pakistan Airports Authority posted to Facebook on Wednesday local time.

“Various air and sea borne assets were employed... to locate the wreckage and efforts are underway to find the missing crew members.”

K2 Airways identified the five crew members on board in a statement posted to their Facebook page, adding that they “continue to pray, earnestly, for the safety ​of our colleagues.”

K2 AIR can be seen written on the wreckage. Credit: Pakistan Airports Authority

Authorities have not released any official word on the missing flight crew members. Credit: Pakistan Airports Authority

Flight KTA1732 was flying from Sharjah in the UAE to Karachi when it began experiencing navigational system problems about 9.18pm on Tuesday, airport authorities said.

Air traffic controllers in Karachi attempted to guide the plane, however, the aircraft was observed on radar “rapidly descending with a rapid heading change”.

“Subsequently, radar contact and communication were lost,” they said.

The 27-year-old converted freighter was seen on Flightradar24 losing altitude, 5000 feet in less than a minute, before briefly climbing about ​6,000 feet in 30 seconds, before entering a catastrophic dive ⁠from 36,550 feet.

— With Reuters