Accident investigators have identified 12 other ships that could suffer the same failure as the container ship Napoli which was beached off Devon.
Urgent strengthening of the ships has been ordered by the Marine Accident Investigation Branch (MAIB).
The MAIB blamed the MSC Napoli's design after a series of large waves left a crack in her hull in January last year.
Hundreds of scavengers flocked to Branscombe beach after dozens of the ship's containers washed ashore.
The 1991-built Napoli was in the English Channel en route from Antwerp to Portugal when the engine room flooded after a hull failure about 45 miles south of Lizard Point, Cornwall.
The 53,000-tonne vessel was being towed to Portland, Dorset, when it was decided to ground her one mile (1.km) off Branscombe amid fears she could break up and sink.
The MAIB report said after the Napoli hit "several large waves," there was a "large crashing or cracking sound."
MAIB report in full (2.93MB) Most computers will open PDF documents automatically, but you may need to download Adobe Acrobat Reader.
A "wall of oily water" shot through the cracked hull of the ship before it was safely abandoned, the report said.
The hull failure was due to "lack of buckling strength in the engine room region," said the MAIB report.
More than 1,500 similar ships were screened following the incident, of which 12 unidentified ships required strengthening work "to bring them up to acceptable safety standards," said the report.
Stephen Meyer, chief inspector of the MAIB said: "The MAIB has worked closely with the world's leading classification societies to identify any other vessels that may have the same design flaw as the MSC Napoli.
"Out of 1,500 vessels screened, 12 required structural work - until such work can be completed, their safety will be ensured through operational limitations."
He said a new code of practice was being developed by the International Chamber of Shipping and the World Shipping Council for the container ship industry.
"This work will take into account the lessons identified by the MAIB investigation and should lead to a much safer industry," he said.
The MAIB report also said the Napoli was making 11 knots when the hull failed, and a reduction of speed would have "significantly reduced the risk of hull failure."
The Napoli's owners said they noted the MAIB report and said that it "generally supports the owners' contention that the MSC Napoli was a well-maintained and operated ship in full compliance with statutory and class requirements".
'Some inaccuracies'
They said: "All the key principles of safe operation of container ships are applied rigorously by all vessels in the management of Zodiac Maritime Agencies Ltd, both before this incident and afterwards."
They added that they believed that there were "some inaccuracies" in the report "which would "benefit from further technical review".
The MAIB said it had carried out a "complex and wide-ranging investigation".
The front section of the MSC Napoli was dismantled at the Harland and Wolff shipyard in Belfast and the stern section is being taken to Holland.
A Devon County Council local public inquiry into the grounding of the Napoli will be chaired by environmental specialist Professor Ian Mercer.
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