The MV Butiraoi has been missing for 11 days, after initially departing from Nonouti Island to the capital Tarawa - a journey that normally takes two days.
Eight survivors were located drifting on a dinghy on Sunday.
An international search is continuing to scour more than 300,000 square kilometres of ocean for more survivors.
On Monday Kiribati’s President Taneti Maamau said the boat was unseaworthy and shouldn't have been operating.
Radio Kiribati Editor Rikamati Naare said the incident represented one of the worst disasters to occur in the country.
