Salvagers were struggling to prevent the Shen Neng I breaking up in pristine waters off the country's northeastern coast, potentially spilling hundreds of tons of oil over the reef, which is one of Australia's top tourist attractions.
The ship slammed into Douglas Shoal on Saturday traveling at full speed and significantly away from normal shipping lanes.
The vessel is said to be owned by The Shenzhen Energy Group, part of the group of the China Ocean Shipping (Group) Company, better known by its acronym COSCO.
Investigations are under way by the Australian Maritime Safety Authority (AMSA) and the Australian Transport Safety Bureau.
A spokeswoman for AMSA said its investigation would be "exploring breaches and possible offences" under Australian law. Some 23 crew were on board the vessel when it ran aground, she said, and so far appeared to be safe.
A spokesman for COSCO in Australia could not immediately be contacted for comment on Monday.
The area is part of a marine park and environmentalists say it is highly vulnerable to pollution.
Dispersant had been sprayed to break up the spilt oil and a second tug was due in the area on Monday to help one already there to stabilize the vessel.
The 230-meter (754-ft) ship was carrying 65,000 tons of coal to China when it ran aground with 975 tons of heavy fuel oil on board. Although only a small amount of oil has leaked so far, rescue officials have said the ship will require a long and careful salvage operation, expected to take weeks.