"It was a different vessel. It's not the Napier-based vessel. There's no similarity. It's a different boat entirely," Mr Jenness said.
"He's trying to sell some more books. Quite frankly he's a loose cannon.
"There was no local boat in New Zealand that actually matched the description of the ketch that witnesses saw.
"It was definitely from outside New Zealand, and the one in Napier has no bearing whatsoever on this case, and certainly doesn't look anything at all like the ketch that was seen by so many people."
MRG provided their report to police in early 2016, who said there was no new information worth pursuing.
The report claimed several sightings from numerous people of both Ben Smart and Olivia Hope in the days after their last confirmed sighting in Marlborough on January 1, 1998.
Chris Watson, the father of the man convicted of their murder, Scott Watson, said at the time the MRG report made some "quantum leaps" to reach some of its conclusions.
Antares was launched in Napier in 1964 by owner Keith Kennedy.
Hawke's Bay Today contacted the current owner of Antares, who said he did not want to be involved in the story.