Shipwreckology

Potential Odyssey Marine Shipwreck Targets

August 16, 2012 — Leave a comment

As this year’s recovery season winds down, noted exploration company Odyssey Marine is wrapping up two deep water recoveries (the SS Gairsoppa and SS Mantola) and currently on hold with the excavation of HMS Victory. The 2012 season marked several firsts for Odyssey – the completion of a shipwreck salvage under government contract, the validation of their deepwater recovery methods and the beginnings of legitimacy for their role in “academic” archaeology with their efforts on the HMS Victory. What lies ahead for Odyssey is a question of much debate. Below are five of the most discussed targets for Odyssey along with pros and cons for each.

1. Merchant Royal – widely believed to be the target of Odyssey’s “Atlas” search, the Merchant Royal went down in a storm off Great Britain in 1641 with a cargo of gold and silver valued around ~1 billion in current dollars. This is the Holy Grail of shipwrecks and would be an incredible find both for the monetary and publicity windfall. Apart from the difficulty involved in locating the wreck, there are no significant cons to recovering the Merchant Royal.

2. Prins Frederik – sunk in 1890 after a collision with the Marpessa in the Bay of Biscay, this Dutch mail steamer carried 400,000 silver rijksdaalders in its bullion room. Disputes over the actual location of the ship (and thus who was to blame for the collision) have created a wide search area and significantly affect the depth of water it could be located in – 500 feet if where the captain of the Prins Frederik claimed or 6,000 feet if where the captain of the Marpessa claimed. A British company claimed to have found the wreck in shallow water in 1994 which could generate legal issues for Odyssey if it is indeed the Prins Frederik. Odyssey could also face legal claims from insurers who paid out on claims or the Dutch government as the cargo was for payment of colonial forces in Indonesia. The Prins Frederik would be an excellent target for an arrangement similar to the Gairsoppa and Mantola where the Dutch government receives a portion of the proceeds after expenses.

3. I-52 – re-discovered in 1995 by Paul Tidwell, the I-52 was sunk by American naval forces in 1944 while en route from Japan to Nazi Germany. The I-52 was carrying 2.2 tons of gold and now sits in 17,000 feet of water. While Odyssey’s deepwater recovery methods would enable recovery of the wreck, apart from a multi-party agreement on salvage rights between Tidwell, the Japanese government and Odyssey no recovery is possible. Tidwell has also stated he is pursuing recovery of the sub and it is doubtful Odyssey would be brought in on the deal.

4. Port Nicholson – a British freighter loaded with $3 billion in platinum, the Port Nicholson was torpedoed off the coast of Massachusetts in 1942 and was located in 2008 by Sub Sea Research. Sub Sea Research gained title to the ship in 2009 and planned recovery in 2012. No word has emerged on whether or not the group has been successful in their salvage and there are doubts as to whether the platinum even exists onboard. If Sub Sea is unable to recover the wreck due to a lack of expertise or funding, then a collaboration with Odyssey would benefit both parties and be the most valuable recovery yet, surpassing even Odyssey’s Black Swan recovery (and subsequent loss).

5. Bonhomme Richard – John Paul Jones’ famous flagship went down after his epic battle with HMS Serapis. The past few years have seen renewed efforts to find the ship, but any recovery would be limited by the doctrine of sovereign immunity. Because the Bonhomme Richard was an American warship it cannot be salvaged without the permission of the US government. An arrangement with the US government similar to that of the HMS Victory one is a possibility, but doubtful because the upside isn’t nearly as high as it is for other wrecks.

There are dozens of other wrecks Odyssey could be pursuing – the company claims to have dozens of high value shipwreck targets in its proprietary database. Based on Odyssey’s stated business model of pursuing high value targets with easily ascertainable legal ownership and inaccessible to normal salvors, Odyssey will most likely pursue deepwater commodity shipwrecks where the cargo can be quickly monetized and not the storied Spanish Galleons of treasure hunting lore.

Disclosure: I am an Odyssey Marine shareholder.

Life on the Mississippi

August 16, 2012 — Leave a comment

“When I was a boy, there was but one permanent ambition among my comrades in our village on the west bank of the Mississippi River. That was, to be a steamboatman.”

Chapter 4, Life on the Mississippi by Mark Twain

Mark Twain mined his rich experiences as a riverboat pilot to craft some of America’s finest novels. Recently, drought in the US Midwest has helped bring to the surface a piece of Twain’s beloved riverboat culture. In 1884 the Missouri River claimed yet another victim in the form of the 283 foot steamboat Montana, the largest stern-wheel steamboat to ever ply the Missouri’s waters. Low water levels, though, have exposed a ~180 foot section of the boat’s hull.

Professors and students from East Carolina University’s Maritime Archaeology program previously conducted extensive excavations on the site and published their findings in The Steamboat Montana and the Opening of the American West.

In 19th Century, American Shipwrecks, Riverine

Baltic Sea UFO

August 16, 2012 — 1 Comment

Diver Peter Lindberg recently sat down with Red Ice Radio to discuss the “Baltic UFO” that was reported in several major media outlets earlier this summer (see here and here). At the beginning of this year’s recovery season, Ocean X, a Swedish salvage company, began further investigations of an underwater anomaly it discovered last year. Some outlets questioned the veracity of Ocean X’s claims, allegations which Lindberg addressed in his interview.

Lindberg explained that he believes the most likely explanation is that the odd rock formation is an underwater volcano or, if artificial, a relic of the Ice Age. He asserts that he never claimed for it to be a UFO and further research has ruled out it having been constructed during either world war. Much of the UFO speculation arose from Ocean X’s constant reports of interference at the dive site with its electronic equipment. Lindberg stated that while electronics and water don’t mix and equipment problems are common on dives, he’s never seen this level of interference.

His team just completed operations necessary to create a computerized 3D image of the object and have taken samples from loose rock around and atop it. Ocean X is working with Stockholm University to process the data and samples and hopes to return to the site with a geologist and the tools to take a core sample. The team also used a frequency meter to determine whether or not the object was emitting radio frequencies and are awaiting final results.

While some may question whether or not Ocean X is using their “find” to garner publicity, Lindberg’s previous success in recovering the $8 million “Jonkoping Champagne” from the depths of the Baltic Sea definitively established his maritime exploration and salvage bona fides.

For the full interview, go to Red Ice Radio.

In 20th Century, Baltic Sea, Scandinavia

SS Central America Still Making Waves

August 15, 2012 — Leave a comment

Lost in an Atlantic hurricane in 1857, the SS Central America took with it ~550 passengers and several tons of gold. For more than a century it remained lost to the sea until an enterprising Ohioan named Tommy Thompson assembled a team to find and recover the ship. Utilizing cutting edge technology Thompson and his team located the wreck in 1987. The group salvaged approximately $50 – 100 million in gold from the wreck, however, the conclusion of recovery operations was just the beginning of the story for Thompson. Two days ago, nearly 25 years since the discovery of the wreck, Thompson was to appear in a federal district court to reveal the location of millions of dollars from the recovered gold due to a payment dispute filed by former employees. Unfortunately for salvors, lengthy legal proceedings are not unusual in the realm of admiralty law – another recent example is that of Odyssey Marine’s Black Swan epic court battle which involved the US State Department, sunken Spanish treasure, artwork looted by the Nazis and WikiLeaks.

Thompson’s search for the SS Central America was well documented in Gary Kinder’s Ship of Gold in the Deep Blue Sea as well as several television programs. Although an ingot from the SS Central America is expected to garner $140,000 at auction on September 2 and another ingot sold for a record breaking $8.1 million, Forbes reported in 2006 that Thompson’s last known address was a Florida trailer park.

In 19th Century, American Shipwrecks, Atlantic Ocean, Legal Disputes, Merchant Vessels, Odyssey Marine, Passenger Liners, Treasure Hunting

Plans Afoot to Identify Captain Cook’s Endeavour

August 15, 2012 — 2 Comments

A little known fact of the Revolutionary War is that Captain James Cook’s bark, HMB Endeavour, was purposely sunk by the Royal Navy in the waters off Providence, RI. British leaders ordered the ship, along with ~13 other transports, scuttled to prevent Continental and French forces from entering the harbor. The Rhode Island Marine Archaeology Project recently launched a $300,000 fundraising effort to finance operations to identify HMB Endeavour from among eight Revolutionary War era shipwrecks it has previously discovered.

HMB Endeavour is most widely associated with Captain James Cook’s 18th century expeditions throughout the Pacific Ocean and exploration of Australia. A full-size replica was built in 1993 and serves as a floating exhibit of the Australian National Maritime Museum. Also designed for exploration, NASA’s Space Shuttle Endeavour, was named in honor of Captain Cook and his ship. Following Captain Cook’s voyages, the Royal Navy sold off the bark and it was renamed Lord Sandwich (incidentally, Captain Cook named what is today Hawaii as the Sandwich Islands in honor of the 4th Earl of Sandwich, the then First Lord of the Admiralty). Lord Sandwich was contracted in 1776 by the Royal Navy as a transport and was employed as a prison ship prior to being scuttled in 1778.

In 18th Century, American Shipwrecks, Oceanian Shipwrecks, Revolutionary War, Royal Navy, UK Shipwrecks

Freeze Dried Shipwreck, Some Assembly Required

August 15, 2012 — Leave a comment

Archaeologists in Texas are pioneering a new method of shipwreck preservation – freeze drying the ship’s wooden planks to remove seawater and then re-assembling them. Traditional conservation techniques often involve time consuming electrolysis immersion to remove concretions or prevent wooden items from decaying when exposed to the atmosphere. If successful, the technique could be a significant breakthrough in the preservation of wooden artifacts raised from the deep. According to the Associated Press, the same technique will soon be used to preserve the Newport Medieval Ship which was discovered in 2002 in Wales.

The Texas project, a French ship named La Belle, sank in 1685 and was re-discovered in 1995 by archaeologists from the Texas Historical Commission. La Belle was lost in a storm while en route to resupply the French explorer Robert La Salle in his quest to establish a colony on the Gulf coast. More than 700,000 items were salvaged during its recovery and the ship has remained immersed in a chemical solution since its recovery. For more information on the ship and its history, see today’s AP article and the Texas Historical Commission’s website.

In 17th Century, American Shipwrecks, Conservation, French Shipwrecks, Gulf of Mexico