The speedboat Huvan, which capsized on Sunday, has been refloated and is now undergoing repairs in Dhigurah.
The vessel, which operates between Alifu Dhaalu atoll Dhigurah and Male', departed Dhigurah on Sunday morning. It capsized 30 minutes into the journey, just outside Mahibadhoo, after being hit by a wave.
All 48 people on board, including four children and guests from various guesthouses in Dhigurah, were rescued with the assistance of police.
Dhigurah Council President Ibrahim Usman said residents from nearby islands helped in retrieving the vessel.
The company that owns "Huvan" operates two speedboats on the Dhigurah-Male' route.
A company official said the loss of the vessel was significant, as around MVR 600,000 had been spent on its operation over the past year.