Her wreck has subsequently been discovered, attracting attention with claims that she was carrying a large cargo of platinum ingots and other precious metals when she was sunk.

[2] Port Nicholson was involved in another accident on 9 June 1938, when she collided with and sank the tugboat Ocean Cock, with the loss of four lives.

[5] With the outbreak of the Second World War, Port Nicholson remained in service, transporting cargoes around the globe.

She was at Halifax on 14 June 1942, and left for Wellington, with an intended call at New York City and a transit of the Panama Canal.

However, 3/4 of an hour later the vessel's stern was seen to be settling rapidly, and the eight men made for the cutter, which unfortunately was unable to get clear in time, and was dragged under by the sinking ship.

[8] It was reported that the wreck of Port Nicholson was discovered in 2008 by Greg Brooks, of the US company Sub Sea Research, but the discovery was kept secret until February 2012.

[9] Brooks at first claimed to be investigating an unidentified vessel, codenamed Blue Baron, that lay off the coast of Guyana in South America.

[10] This was an attempt to throw fellow treasure seekers off the trail, as Brooks believed that Port Nicholson was carrying a valuable cargo of platinum, gold, and industrial diamonds at the time of her sinking, payment from the Soviet Union for material delivered under lend-lease, which would now be worth around £2 billion.

[9] The salvors have claimed that underwater exploration of the wreck has revealed boxes too heavy to lift, that are supposed to contain the platinum ingots.

[11] It was reported in December 2013 that Brooks had put his vessel Sea Hunter up for sale and laid off most of his staff and crew.

He is also being sued by a group of investors who had provided over $8 million in financing, on the grounds of fraud and misrepresentation of the actual existence of any platinum or other valuable cargo.

[10] In April 2015, Brooks' rights to Port Nicholson were dismissed with prejudice, preventing him from pursuing any further salvage of the shipwreck.