The Transport Accident Investigation Commission is looking at setting up an exclusion zone around the wreck of the tour charter boat that sank after catching fire off the coast of Whakatane.

Working alongside other agencies, the Commission is looking to protect the area of seabed where the Peejay V has settled after it sunk on Monday.

The Peejay V on fire on Monday. Photo: Maree Wills Photography.

The 75ft launch was returning from a tour of White Island with 60 passenger and crew when the engine room caught fire on Monday afternoon.

The launch soon became engulfed in fire and the passengers and crew had to abandon ship about a kilometre from the Whakatane shoreline.

All passengers and crew were rescued by the Coastguard and local boaties. Four people were taken to hospital following the incident.

The Peejay V is owned by White Island Tours, who resumed trips to the island yesterday with their smaller launch.

The Commission is also issuing a preservation and protection order under section 12 (1) (C) and (d) of the Accident Transport and Investigation Commission Act 1990 to prohibit people tampering with the wreck and debris.

Transport Accident Investigation Commission communication and investigation support general manager Peter Northcote says the investigation team completed its initial evidence gathering in Whakatane today.

The team intends to contact passengers next week.