The wreck of the Eivion is historically significant as a Port Phillip Bay lime trader and for its association with its owner Benjamin Stenniken, the 'mayor' of Rye. It is archaeologically significant as the remains of the hull and cargo exhibit aspects of stowing of bagged lime, including the use of bulkheads and possibly limewashed holds to minimise water ingress to the vessel. As part of a maritime and terrestrial landscape it is in proximity to White Cliffs at Rye which produced lime and has remains of historic lime kilns. It is recreationally and educationally significant as the coherent remains of a wooden vessel within swimming distance from Rye Pier and lies in snorkelling depth.