Supermaxi rivals Wild Oats XI and Investec Loyal were Wednesday locked in a tight battle to the finish of the Sydney to Hobart yacht race, with light winds set to test nerves on day three. Race record holder Wild Oats XI, vying for its sixth line honours title, had led the 628 nautical mile race from the start until it was overtaken late Tuesday by Investec Loyal which remained in the lead for most of the night. Wild Oats XI wrested the lead back but the boats remain within 1.8 nautical miles of each other Wednesday morning as they raced towards Hobart, frustrated by light and fickle winds. "We've got a yacht race on our hands out here! We are high speed running -- more wind shifts ahead," Wild Oats XI reported early Wednesday. Both boats are expected to complete the race by the late afternoon but the winds are patchy and changeable. The prestigious Sydney to Hobart race is known for its unpredictable and sometimes perilous weather, with six sailors dying in the tragic 1998 contest when the fleet met catastrophic conditions that sank five boats. The fleet, which are waved off from Sydney Harbour by big crowds and hundreds of spectator vessels, this year endured big waves and rough winds on the first night but since then the breeze for the leaders has been light. Some 12 yachts have retired since the 88 starters began on Monday, including line honours contender Wild Thing which pulled out with sail damage, and Hong Kong entrant Ffreefire 52. The remaining contenders will now be navigating their way to find the best wind, with Wild Oats XI co-navigator Ian Burns saying Investec Loyal could benefit from following Wild Oats XI and seeing what weather it encountered. It could then attempt to sail around any dead air. "They are likely to play a game of cat and mouse," Burns said late Tuesday. "They have plenty of leverage out there." Wild Oats XI, which holds the race record of one day, 18 hours, 40 minutes and 10 seconds set in 2005, was also held up on Tuesday after it hit a sunfish and had to back the boat up to allow the fish to swim off the keel.