Packages of ephedrine totalling 12.24kg were found onboard the ship and just over 1kg was also found hidden in the ship's funnel when it was searched on July 1.
Peng also admitted importing another just over 13kg of the drug and being in possession of 38kg of ephedrine found at an Auckland address.
His co-offender, Jianlai Chen, 34, was sentenced to four years and five months' imprisonment on July 30, for his role in the importation of 25.5kg of ephedrine, including almost 12.255kg found strapped to his torso after he left the ship.
Peng's lawyer Paul Dacre urged Judge Thomas Ingram to take into account that while his client got some money for his crimes, it was the excitement of his offending rather than greed had been the primary motivator.
Dacre said Peng was a "very good student" back in China and was studying towards a bachelors degree, but unfortunately met up with the wrong people.
He said a repentant Peng's knowledge of the full extent of this importation and dealing operation was "very limited" and he played a lesser role than his co-offender.
Dacre said while Peng had good parental support back in China, his time in a New Zealand jail would be much harder than other prisoners without them being able to visit.
Crown prosecutor Ella Collis told Judge Ingram the Crown accepted Peng had played a lesser role in the offending and deserved credit for his lack of prior convictions.
Judge Ingram told Peng nothing other than a prison sentence could be imposed because of the "serious downstream harm" caused by this type of offending.
However, the judge said he was prepared to take into account his lack of prior convictions, and his academic record which showed he had been an "industrious" student.
Judge Ingram also said, to Peng's credit, he had done all he could to help the authorities.
The judge said he accepted Peng's motivation for running the risk was his thrill of being involved rather than greed.
"I accept unreservedly that you are remorseful as you can be and I'm prepared to give you considerable credit for your lesser role, remorse and not being a native English speaker."
Judge Ingram sentenced Peng to four years and two months' prison.
Peng will be deported back to China after serving his sentence.