O'Neill said the report would first be presented to the National Executive Council for its deliberation. It will later be tabled in Parliament before it is publicly released.

Due to the election, Parliament is no position to reopen until the outcome is known, which could potentially be in late July at the earliest.

In the meantime, O'Neill promised that reforms would be made.

"I assure the families of those whose lives were lost at sea that we will study the report and take necessary action to ensure such a tragedy does not repeat itself in future," he said.

The ferry owner, Rabaul Shipping, has already closed its doors.

Evidence from the inquiry provided more confirmation that the Rabaul Queen was overcrowded before it capsized during gale conditions off the coast of Finschhafen on February 2.

What has not yet and might not ever become clear is the number of victims. The death toll is widely believed to be more than 200.