The ferry which has been stranded on rocks at Cape Brett off Paihia since Saturday has been written off as a total loss.
The 22-metre catamaran Tiger III hit the rocks when an engine failed on Saturday as it was about to negotiate the Hole in the Rock off the Northland coast.
It hit the rocks below Cape Brett, badly damaging the port hull.
The crew leapt off and secured it to the rocks as the 59 passengers clambered ashore and were rescued by helicopter.
Fullers Ferries chief executive in Paihia, Kit Nixon, said since Saturday the ferry had been pounded by heavy swells and every wave did more damage as it ground the hull on the rocks.
"It settled down a bit further on the rocks. The lower deck is now submerged. The upper decks are still dry. The weather is not great up there and it has taken a constant pounding."
Mr Nixon said repairs to the $2 million vessel were now considered to be more than the vessel was worth and the decision to write it off was made after another assessment today.
Some navigation equipment had been removed but Mr Nixon said it was not sure how much other material could be salvaged.
"The salvage is now not on a vessel which could be repaired and go back into service. The salvage is based on a wreck now."
He said the vessel could not stay where it was and one option was to cut it into several bits to be removed although that was a decision for the insurance company.
"My thoughts are that it will stay where it is until probably very early in the new year while the salvage guys come up with how they are going to go about bringing it in."
He said salvors looked at several options to get the vessel off the rocks several days ago, including pumping it full of foam or using air bags to give it buoyancy.
"The weather just didn't allow it to happen."
Today a 1.5 metre northwest swell was hitting the inlet where the boat was wedged on the rocks causing constant damage.
"It is just very difficult. The damage is ongoing, relentless.
"It is very sad. Any vessel anywhere in this condition is a sad day but this particular one has done a lot of work for this company. It has been very successful and has given a lot of people a lot of pleasure so that just makes an even bigger twinge of sadness."
He said the company was looking at several options to replace Tiger III, including leasing a vessel, although there was not a lot available.
A replacement would have to take at least 220 passengers but if it was a similar design to Tiger III, there was not a lot the company would change.
- NZPA
Stricken ferry written off as swell causes more damage
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