The MV Krait was acquired by the Australian War Memorial in 1987. Since then, it has remained on permanent loan to the Australian National Maritime Museum. For decades the MV Krait was docked in Darling Harbour. However, age has wearied the vessel, and so, in 2017 extensive restoration work on the MV Krait commenced.
Shipwrights and conservators are working to restore the hull, replace the decks and return the vessel to its wartime configuration. Unfortunately, some original material (such as decking timbers and nails) could not be salvaged. Owing to their historical significance, these materials have been retained.