A wreck that was identified as that of Iron Knight is protected by the Australian federal Underwater Cultural Heritage Act 2018.

[5] The four ships shared a similar layout, with a bridge and main superstructure amidships and engine room and funnel aft.

After Japan entered the Second World War in December 1941, Iron Knight sailed in CO and OC series coastal convoys for protection.

Ore carriers acquired a reputation as "death ships" because the density of their cargo caused them to sink too quickly for their crew to launch lifeboats.

Including Iron Knight, OC 68 comprised ten merchant ships escorted by the corvettes HMAS Mildura and Townsville.

[11] On 8 February OC 68 was about 11 nautical miles (20 km) off Montague Island, with Iron Knight at the head of the convoy.

[10] To give the survivors clean dry clothes to change into, the destroyer crew issued French naval uniforms to them all.

[13] In accordance with standard practice at the time, BHP stopped the survivors' pay from the moment Iron Knight was sunk.