Foreign-owned fishing vessels are an "accident waiting to happen", the union representing fisheries workers says in the wake of the Oyang 70 sinking.
The Korean-registered 82m ship was apparently hauling in fishing gear when it capsized and sank within 10 minutes about 4.30am yesterday, about 800km southeast of Dunedin, forcing the 51 crew members to abandon ship in frigid waters.
The bodies of three Indonesian crew have been recovered, while Korean captain Shin Hyeon-gi and two Indonesians are missing, presumed drowned.
The three bodies and 45 survivors -- seven Koreans, 31 Indonesians, six Filipinos and one Chinese -- were safe on board the fishing trawler Amaltal Atlantis, expected to arrive in Lyttelton Port early tomorrow.
The Transport Accident Investigation Commission (TAIC) has launched an investigation.
Neville Donaldson of the Service and Food Workers Union, which represents fisheries workers, said while the sinking was unfortunate, an accident on a foreign-registered fishing ship was inevitable.
"Although we expected it, it doesn't make it any easier when you see workers lose their lives like that," he told NZPA.
"The only miracle is that it's taken this long to happen."
He said many foreign charter operators cut corners to get contracts and stay competitive.
"The vessels that are being used, in our view, are old, they aren't well maintained and it's all about costs," he said.
"That means they bring in low-cost crew, they work minimal staffing, they work long hours, they don't recognise health and safety as an important issue, so work practices in most situations are extremely poor.
"It's an absolute bloody accident waiting to happen."
There was "massive resistance" from Ministry of Fisheries inspectors to board some foreign-owned ships because conditions were appalling, Mr Donaldson said.
"You've got real problems with the language and they (the inspectors) are viewed more often than not as the enemy rather than the friend."
A ministry spokesman said there were concerns previously, but the ministry was confident they had addressed the issues.
The Maritime Union of New Zealand said the 38-year-old Oyang 70 was one of the oldest fishing vessels in New Zealand waters, but was understood to have undergone a full Maritime New Zealand safety inspection last month.
Lawyer Mike Sullivan, who represents the ship's Korean owner, Sajo Oyang Corporation, and the Christchurch company that chartered it, Southern Storm Fishing, said there was no reason to believe the sinking was related to the 1599 tonne vessel itself.
The Oyang 70 was in good condition, was in full survey, was regularly dry-docked for maintenance and was under Safe Ship Management, he said.
A team of three TAIC investigators would interview the surviving crew members when they arrived in Christchurch, spokesman Peter Northcote said.
The investigation would likely take up to a year, and would focus on establishing the contributing causes of the accident so lessons could be learned and applied.
It was likely Korean investigators would assist with inquiries.
Six boats and an Air Force Orion aircraft spent most of yesterday searching for the missing men but could not find any trace of the last life raft.
Sajo assistant manager Lee Gyeong-yeong said the company would launch its own rescue operation today.
He told Korean newspaper Joong Ang Daily that the company had dispatched Oyang 77 -- the same type of boat as the sunk Oyang 70 -- which was expected to arrive tomorrow night.
He had discussed the search plans with Mr Shin's family.
"The family also told us that they will not give up hope."
