The event will take place as part of their Annual Conference in Sarasota in the United States.

Nominees for all three of the new awards can be submitted online via the World Sailing website.

The Racing Sustainability Award, sponsored by 11th Hour Racing, will celebrate the "effective execution or ongoing delivery of high-impact, highly-replicable sustainability initiatives" that align with the World Sailing's Sustainability Agenda 2030.

"It is a great honour to be partnering with World Sailing to recognise entrepreneurship and achievements that are actively contributing to global sustainability," said 11th Hour Racing programme director Todd McGuire.

"Around the world, the sailing and maritime communities know that our livelihoods and our passions are tied to our oceans - by promoting their work, we can use our reach and influence to create a sustainable future for our sport, while educating, innovating and inspiring people to protect and restore the health of the world's waters."

Crews of two or more sailors competing in any category will be eligible for the new Team of the Year Award.

World Sailing say it has been created to celebrate teams who "personify" integrity, ambition, resilience and resourcefulness.

The Boat of the Year Award will be given for outstanding design, innovative concepts and technological advancements, "that are changing the face of sailing".

Only boats that have scored in an international race for the first time between January 1, 2017 and September 1, 2017 will be eligible.

The ceremony will take place on October 30 at the Van Wezel Performing Arts Hall in Sarasota, in Florida.

Other awards up for grabs will be the prestigious Rolex World Sailor of the Year Award, the Beppe Croce Trophy, the President Development Award and the eSailing World Championship Trophy.