Innocap, Inc. (or "Innocap") has received an agreement with a company based in the Republic of the Philippines under which Innocap agrees to organize, plan and supervise then will begin recovery efforts of a shipwreck located off the coast of the Philippines.
The ship, based on preliminary studies, appears to contain a cargo of Chinese porcelain made during the Ming Dynasty. Efforts will be made by Innocap to further identify and evaluate the best method of recovery, which includes conservation and archeological study of the pieces when made available.
Under the agreement, the Philippine company is responsible for obtaining all necessary Government and other approvals, permits and licenses.
The preliminary recovery efforts will begin when all required permits and licenses are obtained.
Under the terms of the agreement, Innocap will be entitled to 50% of any cargo that is recovered from the salvage.
Although many ships from the Ming Dynasty era contained cargoes worth millions of dollars by today's standards, there is no way at this time to estimate the value of the cargo on this sunken ship.