More than 20 businesses from the Bay of Plenty may take the Rena's owners to court in Europe seeking compensation for their losses.
They may be able to sue Greek shipping company Costamare for more money overseas because New Zealand's laws limit the company's liability to $12 million.
The cargo ship grounded off Tauranga, on the North Island, in October and it turned into the country's worst maritime environmental disaster.
Containers and hundreds of tonnes of oil washed ashore, disrupting the entire summer for many Bay of Plenty businesses.
Nevin Lancaster, who runs a kayak business, told Radio New Zealand it was "a bit stupid" Costamare had $6 billion in insurance but New Zealand could claim just $12m from the company.
He has organised the small to medium tourism and fishing businesses to look at taking the case to European courts.
Lawyer Robert Makgill said he had also been approached by European litigators who had suggested the action could be taken.
More than 20 businesses were looking at the action, but the more that could show a link between the Rena disaster and their losses, the more viable the action would be, he told NZ Newswire.
The businesses needed to get a handle on what their losses were before a figure could be put on the claim.
The businesses will meet on Thursday night to discuss their losses.
Mr Makgill did not think the guilty pleas this week by the ship's captain, on charges he ran the ship onto the Astrolabe reef, improved the businesses' chance of success in Europe.
"Just because they have pleaded guilty it doesn't mean the owners are."
Mr Makgill said businesses would also be able to claim for part of the $12m Costamare was liable for under New Zealand law.
It was a fallacy that all the money would go to the government to offset the cost of the clean-up, he said.
