Platinum Shipwreck

Posted on by Emily in General

Platinum Shipwreck – A marine seafarer by the name Greg Brooks is in the headlines after discovering a US merchant shipwreck stocked with $3 billion worth of platinum off of the coast of Massachusetts.

Brooks claims to have first discovered the wreck three years ago and has since sent a remotely run submersible vessel to examine the remains. He’s been able to determine that ship was The Port Nicholson, which was sunk by a German U-boat in 1942 on its way from Nova Scotia to New York. It was carrying 1.707 million ounces of platinum as a payment to the United States from the Soviet Union.

Once confirmed, that amount of the precious metal, platinum, is worth approximately $2.77 billion– which would make this the most valuable shipwreck ever!

Platinum Shipwreck

The only problem is that it will take some time to determine who is the rightful owner to the wreck. In a previous shipwreck case in 2007 where the Odyssey Marine Exploration crew found $500 million in Spanish gold coins, it was determined that Spain was entitled to the treasure.

It was yet to be determined who is entitled to the $3 billion. The International Business Times interviewed Timothy Shusta, a Florida lawyer, on the manner. This excerpt has been lifted from their article:

“Most likely, maritime law will state that the cargo ultimately belongs to either the ship’s owner, which he said is Britain, or possibly to former USSR-member Russia, which Sub Sea Research said later made good on the lost payment from the ship, Shusta said.

If the payment was not made, the U.S. government may have a claim to it, he added.

Even so, Sub Sea Research likely is entitled to an as-yet undetermined salvage award, “if they bring something up,” he said.”

I only recently realized how many sunken shipwrecks were still being discovered when I read about the SS Gairsoppa:

An incredible £155m treasure trove was recently discovered on the remains of the shipwreck. American treasure hunters were fortunate to find the remains of the SS Gairsoppa– a Second World War British cargo ship which just happened to be filled with silver.

After being awarded a contract by the Department of Transport, the Odyssey Marine Exploration firm carried out the search for the 412ft-long wreck along the Atlantic seabed. Their records had shown that the vessel was hit by a German U-boat 70 years ago. With some searching, the team of underwater archaeologists were able to find the wreck and along with its valuable cargo.

It seems as though there is still millions of dollars worth of sunken treasure at the bottom of the ocean for anyone interested in pursuing it. The only problem is that even if you stumble on something big, there’s a chance that you won’t see much of the money, thanks to maritime law.

Platinum Shipwreck

Platinum Shipwreck

Tags: shipwreck