The fibreglass boat carrying 110 passengers and 12 crew was reportedly overwhelmed by 3m (6ft) waves during stormy weather last Saturday.
Search and rescue officials said 40 people were known to have survived.
The search for the remaining bodies will continue until Saturday, the authorities said.
The ship left Kolaka in south-east Sulawesi province and was bound for the port of Siwa across the Gulf of Boni.
Most of the survivors were pulled from the water on Sunday having clung to fishing buoys for hours.
The last survivor to be rescued was the vessel's captain, who was discovered on Monday snagged on a fishing platform, the head of the local disaster mitigation agency said.
Indonesia has more than 17,000 islands linked by ferry services, but correspondents say the industry has a poor safety record.
Rescuers have recovered 40 more bodies from the sea after a ferry accident off the Indonesian province of Sulawesi, bringing the death toll to 63.