Basic Questions Concerning the Viability of a Shipwreck Salvage Project

Salvage or not salvage ? That is the question...! From a commercial point of view

by Pascal Kainic

 

How to determine whether a wreck is a candidate for salvage or not ?

Many operators, divers and financiers are desperately seeking for the proper answer... Let's ask ourselves a few questions before throwing away a lot of money for nothing at the end.

You have here a non-exhaustive list of 41 questions in bulk to make everybody more confident in the issue of a costly shipwreck salvage project.

Ask yourself if those criteria match with your actual or future ventures....!!

 

1. How many years since the reported sinking ?

2. What year did the vessel sank ?

3. What are the currents and their strenght in the area ?

4. What likely effects have the currents on the vessel ?

5. What is the rate of the sediment build up in the area ?

6. What is the likely position of the vessel now on the ocean floor (totally submerged or other) ?

7. Is the area a stormy place ?

8. If yes, how many days the wreck can be worked on ?

9. What is the vessel made of  (all various parts) ?

10. How much is left of the different parts of the vessel ?

11. Is the location a known local fishing place ?

12. Is the wreck in a shipping channel ?

13. In what depth of water the wreck is lying ?

14. How far from the nearest land is the wreck located ?

15. Did the vessel break up ?

16. If yes, where is the location of all the parts ?

17. How did the vessel sink ?

18. Are the contents of the vessel in the immediate sinking area or spread over a large distance ?

19. What information is available on the vessel and her sinking ?

20. Why hasn't the vessel been salvaged before ?

21. Has there been any previous salvage attempt on this wreck ?

22. What is the exact nature of the lost cargo ?

23. Will there be any insurance claim on the salvaged cargo ?

24. Can anyone else claim the wreck and (or) the cargo ?

25. Is the wreck of historical significance ?

26. What is the estimate value of the lost cargo ?

27. Can film and any other media means be used on the location ?

28. What precise equipment is needed to salvage the wreck ?

29. What is the time needed to do the whole salvage ?

30. What is the approximate cost and time needed to implement the archive research stage ?

31. What is the approximate cost and time needed to implement the Search stage ?

32. What is the approximate cost and time needed to implement the Recovery stage ?

33. How strong is the legal title to the wreck ?

34. What area is needed to be searched ?

35. Is the location of the wreck well known ?

36. Can local fishermen free dive to the wreck ?

37. Can a cash flow be created early in the project ?

38. Is there evidence of the wreck in the nearest villages ?

39. What is the exact position of the wreck in lat. and long. ?

40. Have you got all the legal authorizations to do this project ?!!

41. Are we sure we want to spend our time and all our money in such a risky venture ?
     
     

More confident now and ready to start your project ?

GOOD LUCK in your quest...!