According to the National, the MV Kimbe Queen got stuck on reef in Bialla waters in West New Britain province but all passengers were rescued by boats from an oil palm company.
The ship was floated again and made it back to Bialla wharf.
The MV Rabaul Queen capsized during bad weather off the coast of Finschhafen on February 2.
A government-commissioned investigation will help determine why the accident occurred.
Death toll estimates have varied from 179 to 321 as it is not clear how many people were onboard.