The country's state-run daily said on Saturday that the government owned Aung Ta Gon-3 had 214 passengers and crew on board.
The ministry of information added the ship capsized on Friday night as it sailed in bad weather around the city of Sittwe.
A large wave crashed into the ferry.
The newspaper reported that 31 women and three men died.
Authorities have managed to rescue at least 167 people.
