Three of its senior officers were found guilty last year of illegal fish dumping.
Earlier this month, the owner of the company which tendered for the vessel, Dennis Nisbet, said the vessel was ''still in pretty good nick for its age''.
Last night he said due to the quick action of the crew, anchors were deployed before the vessel grounded.
He was on board last night to assess what happened but said it was not a major incident.
Port Otago chief executive Geoff Plunket said the vessel lost engine power in the cross channel near Deborah Bay and Otakou and then grounded.
''Both tugs were used to refloat the vessel and the main engine was restarted.''
The vessel was then able to travel under its own power back to Beach St wharf.
Mr Plunket said the situation would be reviewed today.
''We need to understand what happened and whether it can safely depart.''
He could not comment further until the review had been completed.
- ODT
