Contractors employed by the Roads and Maritime Service have used cranes to lift the Christine J out of the water after sitting submerged in the Shoalhaven River for about six months.
Under maritime law, the owners of stricken vessels are required to salvage boats when they sink, but the owner was unable to do so.
Chief Operations Officer with Commercial Diving Services Tim Johnson says it will now be broken into pieces before being hauled away.
"It's very unstable superstructure up the top so it's very important that we stay clear of it until we get that top weight down", Mr Johnson said.
The owner of the Christine J will be required to reimburse the RMS for full costs.
Photo Credits: Andrew Page - Grant Broadcasters
Bottom photo thanks to Tim Johnson