The memorial comprises individual commemorative plaques for each maritime tragedy involving recreational, commercial, mercantile or naval vessels and personnel lost since 1803.
Sited in a park on Esplanade West, Triabunna and overlooking the local port of Spring Bay, the structure comprises low, curved masonry walls forming a fish shape in plan, upon the capping of which are set the commemorative plaques.
Openings to each side allow viewers into the centre of the Memorial, where a masonry boat-like plinth supports a large vertical anchor cross and the Merchant Naval plaque.
A separate sandstone bollard to one side carries the main Naval plaque, while ahead and on the front quarters of the Memorial stand ships masts with halyards and lights, and a flagpole.
The design combines both maritime and spiritual influences by incorporating a plan layout which reflects the early Christian ichthys or "fish" symbol, and was undertaken by local Tasmanians Mrs K. M. Fergusson and J. G. Castle.
the Governor of Tasmania;[21][22] Federal and State politicians;[23] the Chief Justice of the Tasmanian Supreme Court; and senior officers of the Royal Australian Navy.