Spokesman Joel Millman of the International Organisation for Migration told reporters in Geneva that 23 deaths have been confirmed after eight more bodies were found overnight following an initial count of 15.
Based on interviews that IOM has conducted with survivors, Millman said, "We believe 40 are missing and presumed drowned" on the vessel, which was thought to have been carrying about 80 people.
More than 500,000 Rohingya have fled to Bangladesh since then.
The "very tragic" accident involved a vessel that had been at sea for two days with no food and had faced choppy seas, Millman said. The Bangladeshi captain had not initially charged the passengers any fee for the transport and had been trying to avoid sea patrols or checkpoints, he said.
"The details are absolutely astonishing and remarkable," Millman said. "At one point, he (the captain) chose to anchor the vessel, but that proved to be a fatal mistake as the rough seas were much worse than he supposed. This was easily within sight of land."
The UN migration agency closely tracks death tolls worldwide of migrants at sea, and generally counts the missing as presumed dead in its tally because confirmation is all but impossible.
Its figures are a highly quoted source on issues like often-fatal journeys between Libya and Italy, currently the world's most-deadly sea route for migrants.
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