The Transport Accident Investigation Commission report on the incident, which killed six people, highlights the failure of the ship inspection system to identify problems with the Kotuku, the fishing vessel's poor condition and lifesaving equipment that did not operate or was missing.
Commission chief commissioner Bill Jeffries said commercial pressures and a culture that excused shortcomings appeared to have permeated both the inspection systems and the under-24m fishing fleet at the expense of good seamanship, safety and lives.
There were about 800 boats in the fleet potentially affected.
Mr McDonald, the owner of a 12m fishing vessel, said before the report came out, he was worried the Kotuku inquiry would look for something to blame and any increased compliance costs as a result was just going to mean "you'll see a lot of cases of guys tying up for sure''.
As owners of their own vessels, there was personal satisfaction in keeping a good boat and they knew if they let things slip it would cost, he said.
"It's not easy to keep up with compliance; it costs thousands of dollars a year.''
Ant Smith, owner of a 15.2m trawler based at Careys Bay, said there was "a lot of truth'' in what was said in the TAIC report about the culture of the industry, as inspectors could be quite lenient.
"In our experience, operators not doing too well get an incredible amount of leniency. Some in the smaller ports like Karitane [and] Taieri Mouth get away with a lot of things.''
However, the inspectors looked harder at those who maintained their boats because they seemed to put the "other guys in the too-hard basket'', he said.
The industry was supposed to be self-regulating with boat owners required to tick all the boxes in their manuals and procedures which were then checked by the inspectors yet it seemed the "hands-on safety side of it [is] neglected''.
He believed there would be plenty of boats that did not come up to scratch given the ageing of the fleet - the youngest boat at Port Chalmers was 21 years old. His boat was 51 years old, with a similar hull to that of Kotuku.
This was compounded by the price for fish staying much the same as it has been for the past 15 to 20 years, he said. People often failed to understand the $30 they paid for fish in the supermarket did not come back to the fishers.
Mr McDonald said added to compliance costs of regular boat surveying and maintenance were quota cuts and the environmental factor - measures to protect against dolphin and seabird deaths.
It sometime seemed that everything was "against us surviving'', he said.
The Port Chalmers society had been around for 98 years and those few that were left had a lot of years under their belt, and a passion for the industry and the legacy left by those who went before them.
"We're not cowboys - we're trying the best we can with what we've got.''
They were trying to have more of a voice with all the society's members joining the New Zealand Federation of Commercial Fishing in an effort "to get some clout somewhere''.
Tony Edmonds, the owner of a 12m trawler based at Taieri Mouth and a fish retail shop, said he had been asking himself quite a bit lately why he was still in the business after 25 years.
The situation meant fishers walked a fine line, often taking risks, like fishing in questionable weather because of the financial pressures.
When it was not a good year, things like cosmetic maintenance on his 1970s trawler were put on hold, but he always made sure it was safe. However, given the age of the New Zealand fleet, there had to be some issues, Mr Edmonds believed.
"I'd say most of the boats in New Zealand have something unsafe on them.''
Maritime New Zealand director Catherine Taylor said the reality was that the vast majority of commercial vessels under the system were operating safely and without incident every day.
However, with any regulatory system, there would always be some who found it difficult.
"There will always be some operators at the margins who struggle. In response, we are taking steps to ensure vessel owners and operators more clearly understand their roles and responsibilities.''
