Treasure Ship Found

[Florence]

Treasure hunter claims $3 billion haul on war wreck

Treasure hunters claim to have found the wreck of a British steamer that was torpedoed by the Germans off the US coast in 1942 while carrying a cargo of Soviet precious metals worth £2 billion ($2.95 billion).

Greg Brooks, the co-founder of a US treasure hunting company called Sub Sea Research, said he was certain the sunken ship was the SS Port Nicholson and that its cargo of platinum, gold and industrial diamonds packed in wooden boxes was intact.

"We have verified these boxes have unusually high mass as one would expect for bullion," he said. "I am going to get it one way or another even if I have to lift the ship out of the water."

Advertisement: Story continues below If confirmed, the discovery would be one of the biggest treasure troves to be found on the sea bed, and would likely lead to a messy international legal battle for ownership rights.

Mr Brooks found the wreck in 2008 but kept his find secret until now while quietly securing salvage rights. He said his team had identified 30 boxes scattered around the wreck which he believed were stuffed with platinum ingots.

The SS Port Nicholson was sunk by two torpedoes from a U-boat with the loss of six lives as it made its way from Halifax in Canada to New York.

Escorted by an unusually high number of warships, it was reported to be carrying a Soviet cargo of precious metals meant to recompense the US government for military supplies.

The cargo was reportedly accompanied by two Soviet envoys who survived the attack only to then mysteriously disappear when brought ashore in the United States. The Soviet government is reported to have subsequently reimbursed the US government for the lost payment.

Mr Brooks said he had found the wreck in 700 feet of water off Cape Cod off America's east coast using shipboard sonar and had later used underwater cameras and remotely operated underwater vehicles to explore the wreck.

Underwater vehicles have been unable to even lift the boxes because of their weight and Mr Brooks is raising fresh funds to finance the salvage operation.

Some experts have advised caution, saying it is too early to say whether Mr Brooks's suspicions about the ship's cargo are right. The British Government is watching proceedings and has not ruled out making an ownership claim.

Anthony Shusta, a Florida-based lawyer representing the Government, said it was unclear whether the ship had such a treasure trove. "We are still researching what was on the vessel," he said. "Our initial research indicated it was mostly machinery and military stores."

Treasure hunter claims $3 billion haul on war wreck

 

[A4K]

Interesting find mate, thanks for posting!

 

[Florence]

Will be interesting to see what they find. Titanium or tractors. No mention of a it being a 'war grave' as such. Will have to do a bit of googling.

Lucky bugger. But obviously one who deserves credit for his foresight and effort.

 

[A4K]

Not to mention the risk of forking out a fortune to find nothing but rusting rifles and ammo...

 

[Readie]

This was on the Telly last night with the eccentric finder being interviewed.
Who has the lawfull claim after all these years?

John

 

[RabidAlien]

Regarding maritime laws, how long after the sinking does the owner have to reclaim the ship/cargo before it becomes salvageable?

 

[Readie]

Regarding maritime laws, how long after the sinking does the owner have to reclaim the ship/cargo before it becomes salvageable?

The USSR doesn't exist anymore so 'they' cannot claim. Looks to me like its finders keepers ( after tax of course)
John

 

[javlin]

Thats what gets me RA underneath that article is another were another treasure hunter is being ordered to return 594,000 gold and silver coins to Spain from a Galleon wreck!!Look if these damn governments were that interested in these old wrecks they would send out crews to find them and not wait for Joe Smoe to spend a forture and take it from him.I just do not buy into this crap these governments are doing pertaining to sunken vessels "you want it you go get it".

 

[RabidAlien]

Agreed, Javlin. I'm wanting to say that there's something like a statue of limitations (or expiration date, so to speak) on salvage rights, whether in international waters or not. These governments that are going after the salvage operations to return "their" property are just wanting to grab a quick boost to their economy (most of which will probably end up in some politician's off-shore bank account or "election fund"). If the gov't did not foot the bill to have the cargoes salvaged, they can claim no part in what's recovered, just as I can't claim a portion of the next winning lotto ticket if I didn't chip in to buy the winning ticket. I own no share in the efforts, therefore I own no share in the rewards.

 

[javlin]

And if you remember the HMS Edinburgh it was a government sanctioned salvage so it pulled in the loot as for the others they should get lost.

On this voyage, Edinburgh carryied a 4.5-long-ton (4,570 kg) consignment of gold bullion, intended as partial payment for Allied supplies to the USSR. The 465 gold ingots, carried in 93 wooden boxes, were in the armoured bomb-rooms on the starboard side, near the first torpedo's impact point. At the time, the estimated worth of the bullion was about £1.5 million sterling.

In 1954, the British government offered the salvage rights to the Edinburgh to Risdon Beazley Ltd., a British salvage company. But the project was put on hold, due to strained political relations with the Soviet Union. In 1957, the wreck was designated as a war grave, which complicated any salvage attempts still further.

In the late 1970s, interest in the Edinburgh was reawakened, and the British government became increasingly anxious to recover the gold. This was not only because of its value, but also because there was growing fear that the wreck might be looted by unscrupulous salvagers, or salvaged by the Soviet Union, the coast of which was nearby.

In the early 1980s, seasoned diver Keith Jessop won the salvage rights to Edinburgh for his company Jessop Marine. Jessop's methods, using complex cutting machinery, were deemed more appropriate for a war grave than the explosives-oriented methods of other companies.

In April 1981, the survey ship Dammtor began searching for the wreck in the Barents Sea, on behalf of Jessop Marine. After only ten days, Dammtor discovered the wreck at approximately 72°N 35°E / 72°N 35°E / 72; 35, about 400 km NNE of the Soviet coast at the Kola Inlet. The depth was 245 metres (800 ft). Using specialized cameras, the Dammtor took detailed film of the wreck, which allowed Jessop and his divers to carefully plan the salvage operation. The survival of her sister ship HMS Belfast (C35) enabled the team to preview the layout of the lower decks.

Later that year, on 30 August, the dive-support vessel Stephaniturm journeyed to the site, and salvage operations began in earnest. Several divers were injured during the operation, but on 15 September 1981, a diver finally penetrated the bomb room and recovered a bar of gold. By 7 October, when bad weather finally forced the suspension of diving operations, 431 of 465 ingots had been recovered, now worth in excess of £43,000,000 sterling. A further 29 bars were recovered in a subsequent operation in 1986, bringing the total to 460, leaving five unaccounted for.[5]

source: HMS Edinburgh (16) - Wikipedia, the free encyclopedia

 

[RabidAlien]

Okay, now if the government contracts the salvage company to get the cargo for it, then by all means, the gov't gets the cargo, with the salvage company getting a cut. If the salvage company lays claim to the wreck, and then subsequently starts recovery operations, then the gov't has no right to step in and demand the cargo, and at this point the salvage company can turn around, bend over, drop their trousers, and give the gov't the finger, all whilst yelling "bugger off!"

 

[javlin]

It leaves for Spain this week and Spain is not giving the salavge company a single penny which they have experienced 2.6mil in expenses


Odyssey argued that the wreck was never positively identified as the Mercedes. And if it was that vessel, then the ship was on a commercial trade trip -- not a sovereign mission --at the time it sank, meaning Spain would have no firm claim to the cargo. International treaties generally hold that warships sunk in battle are protected from treasure seekers.

The company blamed politics for the courts' decisions since the U.S. government publicly backed Spain's efforts to get the treasure returned. In several projects since then, Odyssey has worked with the British


Have I said lately how I detest Governments


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