On the 17 February 1938, three miles east of the President Reitz, the Panaghia was wrecked close inshore. This happened in thick fog whilst she was sailing from Argentina to Australia in ballast. Captain Pettersen salvaged the wreck and the incident caused little interest. Her boilers can still be seen at low water. Her hatch covers, having lain under water for over a year were retrieved by the Rademeyer family and used to clad both sides of the large farm shed still standing on Driefontien West.