Among the dead are 15 children. Another 84 people are missing.
Survivors say the ship, which had 305 people on board, capsized in the sea north of the city of Obock in Djibouti, according to a statement from the IOM.
The boat was heading towards Yemen. The reverse route, from Yemen to Djibouti, is commonly used by refugees fleeing war-torn Yemen.
Correction: An earlier version of this article gave an incorrect figure for the number of people on board the boat.
What do you think?