As far as the dive industry is concerned, The King Cruiser conveniently sank on the 4th of May 1997 after striking the popular Phuket dive site Anemone reef on its way to Koh Phi-Phi from Phuket.
561 passengers were rescued when the ferry boat sank about ten miles off Phi Phi Island. All the passengers - Thai and foreign tourists - were safely taken to two police patrol boats and 4-5 fishing boats, which raced to the rescue in response to an emergency call. One elderly woman sustained a broken back and several others suffered shock.

The wreck sits upright on the sandy bottom and comes up to within 14m of the surface. It lies about 1.5hr offshore from Phuket and about one hour from Phi Phi Island by boat, and is a popular destination for divers from both places. Though the wreck was almost completely undamaged when it sank, it is of low cost construction and deteriorating quickly. Barracudas and Whalesharks are often seen patrolling the wreck, with the usual large grouper and lionfish hanging out near schools of glassfish.

As well as the wreck there is a lot of coral growth and an abundance of fish. Small fans and soft corals can be found growing along the sides and top of the wreck. Schools of big-eye trevally are often spotted circling above the captain's cabin. Large schools of yellow snapper hang around the entrances to the car deck and along the remains of the upper deck. There are also occasionally encounters with leopard sharks and bamboo sharks, barracuda and turtles.