At least 109 people, including 15 children, have died and more than 116 others remain missing after a boat capsized off the coast of Djibouti, the International Organization for Migration (IOM) has reported.

The incident occurred near Guhere, on Djibouti's eastern coast facing the Gulf of Aden and the Bab al-Mandeb strait, between Thursday night and before dawn on Friday, according to the IOM, which cited survivor accounts.

The vessel was carrying more than 300 people and was heading from Djibouti to Yemen when it capsized. More than 80 survivors, all Ethiopian nationals, have been accounted for. Djiboutian search and rescue operations were continuing.

"Our teams are on the ground alongside local authorities to provide emergency assistance," said Alexandre Coissac, IOM Chief of Mission in Djibouti, describing the incident as a "devastating loss of life."

"This tragedy is a stark reminder of the dangers faced by migrants along this migration corridor as they seek economic opportunities," Coissac added.

The Bab al-Mandeb strait, which narrows to just 20 kilometres (12.4 miles) at its closest point between Djibouti and Yemen, is a frequently used but highly dangerous crossing for migrants from the Horn of Africa. Many make the journey in search of employment and safety in Gulf countries.

The IOM said it had recorded more than 20,000 incoming movements to Djibouti from Ethiopia since September 10. Last year, more than half a million people attempted to travel along this route into Yemen, and at least 900 died or went missing, according to the agency.

Djibouti serves both as a departure point for migrants heading to Yemen and as a destination for thousands fleeing renewed conflict in Yemen itself.