According to The National, Michael and Christine Boko paid 1.7 million kina ($A790,000) for the MV Kute Trader using money they earned from selling petroleum products in Buka.

Michael Boko reportedly said he was confident the vessel would provide much-needed freight services at an affordable cost to the people.

Back in March the MV Solomon Queen, Kopra 3 and Kopra 4 vessels, owned by Rabaul Shipping, were torched at sea off Buka island by armed men.

They were angered by the lives lost in the shipping company's MV Rabaul Queen ferry disaster the previous month.