The Favourite was an American tuna vessel that was wrecked in 1965 and now lies at the entrance to the North Passage off North Bay, according to Pinetrees Lodge. The island's tourism site says it has rested on the sea floor since 1965, and snorkel operators including Islander Cruises and Marine Adventures include it as an optional stop on their North Bay trips.

Little of the ship's structure remains as a hull. Pinetrees describes the main engine, refrigeration piping and steel boxes lying among the reef, with rusted metal forming the wreck's basic framework. Over six decades the metal has become part of the reef, with live coral growing on it and fish sheltering among the pieces. Anemonefish clean their anemones on the wreck, and large blue doubleheader wrasse – a Lord Howe speciality – are common. Islander Cruises describes diverse coral gardens and tropical fish around it, and Pinetrees notes turtles and garfish in the wider bay.

The wreck is shallow and can be seen well with a mask and snorkel. Pinetrees describes shore access from the end of the beach as 'a bit of a chore' and says a boat is easier; the walk to North Bay and the swim out take some effort, so most people visit on a snorkel tour.

Its position near North Passage means tidal flow is stronger than in the rest of the bay, so it is best visited near slack water and on a calm day. It suits competent snorkellers. North Bay is a sanctuary zone, so nothing may be taken from the wreck or the reef. The depth and exact position have not been published; the figures here are estimates, and the vessel's original length and tonnage are not recorded in the sources.

Lord Howe is reached only by air: QantasLink flies from Sydney daily (about 1 h 50 min), with Brisbane and seasonal Port Macquarie services. Accommodation must be booked before flights (visitor numbers are capped at about 400) and the checked-baggage limit is 14 kg, so most divers hire gear on the island. North Bay is accessible only by foot or water.

Most visitors join a snorkel boat from the Lagoon Road boatsheds (Islander Cruises and Marine Adventures run North Bay trips, about 15 minutes across the lagoon) or paddle a hired kayak across the northern lagoon in calm weather. On foot, walk from the Old Settlement end of the island over the ridge on the North Bay track (about 30–40 minutes). The Favourite wreck is at the end of the beach, where there is an entry point next to it.

North Bay faces north across the northern end of the lagoon and is sheltered from the prevailing south-east trades and southerly swell. Northerly winds and swell and strong westerlies make it choppy and stir the sand, and kayaking across the lagoon is only sensible in light winds. Snorkel at mid to high tide.

Visibility is usually 10–20 m. There is no stinger season; warmest water is January–April. The wreck lies closer to North Passage than the rest of the bay, so tidal flow is stronger there on a falling tide.

From the end of the beach, snorkel out to the wreck and circle the engine block and piping, looking for anemonefish and double-headers around the metal. Keep clear of sharp, rusted edges and return along the reef to the beach.

Islander Cruises and Marine Adventures – North Bay snorkel trips with an optional stop on the Favourite; or independent snorkel from North Bay beach.