UPDATED 5.05pm: The owner of the Rena has offered to foot the bill for virtual navigation markers in the Bay of Plenty Harbour.

The cost of the markers, which will be installed on seven locations around the harbour, is estimated to be around $35,500.

Speaking on behalf of the owner, Hugo Shanahan says it's a meaningful initiative the owner wants to fund as part of its ongoing response to the ship's 2011 grounding on the Astrolabe reef.

The regional council hopes to have the markers up and running by the first quarter of next year.

Meanwhile, transport Minister Simon Bridges says the accident investigation report on the Rena's grounding on the Astrolabe reef, highlights practices that were substandard.

It's pointed to a series of safety failures, including safety training of the crew not being up to scratch and a break down in communication.

Mr Bridges, who's also the MP for Tauranga, says some of the recommendations will be taken up in full by Maritime New Zealand.

He says there weren't equipment or vessel failings, but there were issues in relation to practice that were substandard.

Mr Bridges says that's being taken seriously and there'll be a body of work from Maritime New Zealand.