A cadet has been rescued in a dramatic sea rescue off Papua New Guinea (PNG) after falling overboard from a capesize bulk carrier.

The unnamed sailor fell from the 169,200-dwt Cape Spencer (built 2010) while it was transiting the through Vitiaz Strait between PNG and the island of New Britain.

The cadet from the Active Shipping & Management-owned bulker was noticed missing around 06:30 am AEST.