Forty three crew, including two New Zealanders, were lost, as were nearly 6000 head of cattle.
All live shipments were banned after that event, pending the inquiry.
MPI says there will now be extra requirements on exporters.
It said the review found there were robust checks and balances on the trade, but improvements could be made.
These include focused maritime inspections of all livestock carrier ships entering New Zealand waters.
They also include restricting stocking density on vessels to 90 per cent of current limits.
There will also be increased requirements for voyage reporting, including daily veterinary updates.
- RNZ