The skipper made a distress radio call, then deliberately beached the vessel on nearby Ruapuke Island to prevent it sinking, the report said.
All passengers were taken off the Torea without injury.
The commission concluded the collision with the rock was a risk associated with this type of fishing that had been reasonably mitigated by the skipper.
"In this case, however, the collision could possibly have been prevented had he remained at a slower speed until clear of the shallow area, which was known for the existence of uncharted rocks."
Carrying four more passengers that were permitted was a "safety issue", even though the Torea was carrying sufficient lifesaving equipment for the additional passengers on board, the report said.
The operator had since addressed this safety issue, so the commission made no new recommendations.
Lessons learned from the inquiry:
* skippers must know how many people they have on board and ensure the maximum permitted number of passengers was never exceeded; and
* it was risky operating small craft in shallow areas that had not been fully surveyed, so skippers must proceed with the utmost caution at minimal speed to avoid colliding with uncharted dangers.