Sailors Peter O'Leary and Stephen Milne are out of the Beijing Games after finishing 13th overall in the Star Class.
The pair had three races this morning but failed to get into the top 10 and the medal race after finishing 8th, 11th and 12th respectively at Qingdao.
Starting the day in 14th the pair improved just one place to finish with 91 net points.
The Swedish pair of Fredrik Loof and Anders Ekstrom were first, two points ahead of Britain and 14 ahead of Brazil.
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The top 10 teams will compete in the medal race on Friday.
Ireland began with an impressive eighth in Race eight but as in most of the previous races they failed to break into the top 10 in the final two.