The Australian Government is to ban a super trawler from fishing in Australian waters for two years.
After months of political pressure, environment minister Tony Burke rushed an amended law into Parliament on Tuesday to stop the trawler fishing until new research has been done.
Seafish Tasmania brought the Abel Tasman to Australia to fish for an 18,000-tonne quota of jack mackerel and redbait in waters stretching from Western Australia to Bass Strait and up to southern Queensland.
Company director Gerry Geen said Seafish Tasmania had spent years working with relevant agencies to meet every rule and requirement.
The company will have to sack 50 people who were hired to crew the ship.
Fourteen environmental groups formed an alliance with other organisations to oppose the trawler.
The ABC reports Mr Burke had already imposed restrictions on the trawler to try to limit the number of dolphins, seals and sea lions being caught.
On Tuesday, he introduced legislation to Parliament to extend his legal powers under the Environment Protection and Biodiversity Conservation Act, while also commissioning more scientific research to assess the impact of the trawler on Australia's oceans.