The MV Blythe Star was making a routine trip from Hobart to King Island when it suddenly capsized and sank off the Tasmanian coast nearly 50 years ago.
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Three crew members died in the days after the October 13, 1973, incident as the seven survivors waited nearly two weeks to be rescued from an inflatable raft.
No trace of the vessel was found for decades, despite a significant maritime search.
But researchers from the CSIRO and the University of Tasmania have now uncovered the MV Blythe Star shipwreck about 10.5 kilometres west of Tasmania's South West Cape.
The group were studying a submarine landslide when they made the discovery last month, using mapping data and video imagery to confirm it was the MV Blythe Star.
The vessel was covered in algae and seaweed, and had some damage with the wheelhouse missing.
The CSIRO said it was pleased to confirm the vessel's final resting place, bringing closure to the 50-year mystery.
The tragedy led to important maritime laws in Australia, which has significantly improved safety at sea.
Australian Associated Press
