The boat was bought to replace one stolen from the clubhouse in July, which was a replacement for one destroyed during the 2007 Pasha Bulker storms.

The stolen rubber ducky, nicknamed the "Pasha Pup" after the bulk carrier that ran aground at Nobbys beach during the storms, was taken from a locked shed and dumped on the Hunter River at Hexham.

The $16,000 craft had been slashed; its registration markings were scratched off and the motor had seized.

The Pasha Pup was also adorned with the name of life member Andrew Griffiths, who helped save people in Hunter and King streets during the floods.

Mr Griffiths was devastated when the Pasha Pup went missing.

However, his spirits were lifted when coal industry company Cougar Mining Group donated $20,000 to the club to buy a new boat.

The club received the new boat last week and unveiled it on Sunday.

Junior and senior members celebrated by dousing the boat in champagne before launching it into the water at midday.

Mr Griffiths said the club was grateful for the new boat, which it named the Cougar Mining Andrew Griffiths.

"Without Cougar Mining, it would have taken us years to replace the stolen rubber duck. A lot of raffles would have gone into raising the funds for a new one."