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$3B WWII Shipwreck Located in Boston Harbor's Back Yard by Sub Sea Research

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  • $3B WWII Shipwreck Located in Boston Harbor's Back Yard by Sub Sea Research

    Sub Sea Research LLC, a Portland Maine based company located the worlds richest shipwreck, a WWII British Freighter carrying a secret cargo of 71 tons of Platinum sunk by a German U-Boat off the coast of Cape Cod.

    Boston, MA (PRWEB) January 27, 2012

    Sub Sea Research (SSR) spent months searching for the elusive ship, the Port Nicholson, torpedoed by German U-boat U87, June 1942. It took two torpedoes and about 7 hours to sink her. U-87 also fired at the troop ship the “Cherokee,” quickly sinking her with a heavy loss of lives.

    The Port Nicholson is a steel-hulled, 481 ft. merchant ship, coal fired freighter built in 1918 at the Tynes & Wear shipyard. She was carrying two special envoy USSR agents overseeing the delivery of a very important Lend-Lease payment from the USSR to USA. She along with 4 other commercial vessels were being escorted by an unusually high number of military ships. The normal ratio at the time was near 1:10 or less but this convoy ratio was 6:5. Maybe it was the fact they were delivering 1,707,000 oz. troy, in 400 oz. bars of platinum. Strangely the two USSR special envoy individuals quickly disappeared after being rescued and brought to American shores. They were not de-briefed like all the other survivors were.

    SSR first discovered the Port Nicholson in 600-800 feet of water off Cape Cod in 2008. In 2009 SSR obtained legal recognition from the US Courts as the legal owner and salvager of the ship.

    SSR researchers corresponded with individuals manning the ships and even spoke with another U-boat captain who was in the same area. They have talked with survivors and relatives of the men of the Port Nicholson and the Cherokee. One Yarmouth, MA author has written a book and is waiting for “the last chapter” of raising the valuable cargo of the Port Nicholson. These researchers also found declassified documents verifying the cargo as well as the debriefing of the sinking.

    According to SSR research, the Port Nicholson and four other ships were being escorted by six military ships in a convoy from Halifax to New York. The Port Nicholson is documented to be carrying ~1,707,000 troy ounces of platinum. It may also contain $165M of copper, zinc and war stores. Greg Brooks, one of two SSR founders, said his team has already recovered several identifying and critical artifacts. He has verified that “it is without a doubt the Port Nicholson”.

    Late in the summer of 2011, after 100’s of hours of ROV video, they have seen what appear to be bullion boxes containing 4 bars, each being 400 troy ounces of precious metal. “We have seen boxes indicative of those used to store and ship this type of bullion in 1942. Our video clearly shows the box and our inspection class remotely operated vehicles (ROV) could not lift it due to its weight of about 130 lbs.”

    A similar discovery occurred in 1981 when the HMS Edinburgh was discovered in the Barents Sea. It too carried a USSR Lend-lease payment. This wreck, in 800 feet of water, took almost three years to salvage in 1981 (Salvage of the Century) and contained $100M of gold (1981 prices). Richard Wharton, one of the original salvagers, provided SSR with photos and dimensions of the wooden boxes from the HMS Edinburg containing the gold bullion bars. These wooden bullion boxes were the same type shipped within six weeks of the Port Nicholson. According to Brooks, “We used our manipulator arm to scale our box dimensions. They appear close and almost exactly match the boxes salvaged in 1981. Mr. Wharton’s photos are almost identical to the boxes we have seen on our wreck. We nudged and pushed the boxes with maximum thrust from our ROV. We have verified these boxes have unusually high mass as one would expect for bullion. What is different from the Edinburgh boxes and unique to ours is that ours are very well preserved and do not easily come apart. Things are very well preserved. We even flipped the pages in a book and the pages remained intact. That was amazing to see.”

    “We have been working and planning the site since 2009. Our current equipment is just not enough to handle the 2-5 knot currents, mostly zero visibility and the excessive ocean conditions at the site. It takes us 10 hours from Boston Harbor to get to the site. And, conditions such as these leave few and very small windows of onsite time each year in which we can safely work on the site. We certainly underestimated the conditions and maybe over estimated our capacity even with the 214 ft. M/S Sea Hunter and a 95 ft. ship M/S Son Worshipper fully equipped with a sub, ROVs, 125 ton crane, claw and sonar gear.

    Photos taken from the HMCS Nanaimo at the time of the sinking show the Port Nicholson bow straight up in the air. She went down straight and slammed to the bottom vertically, stern first at about 30 mph and is now lying on her starboard side. This position, along with the numerous metal, wires, pipes, booms, debris as well as 70 years accumulation of fishing net snags makes access extremely difficult from the deck side. “The holds are not upright and we certainly are not simply going down into the holds with a lift and pulling up the cargo. We may have to cut into the hull to gain access and that is complicated and requires a different tool set. The ship carried war stores thus requiring even greater caution and safety procedures.”

    “There is nothing more frustrating for each of our crew, as well as our financial supporters, to see, touch and feel the bullion box and not be able to quickly and simply retrieve it. There is nobody on this earth who wants to bring up that box more than me. We’ve been at it a while now.”

    While the ship, M/S Sea Hunter is capable of remaining on-site in almost any weather, SSR has exhausted the capability of the ROV and support equipment. SSR is now entertaining private support from special technical and financial organizations. The operation needs to re-capitalize so that SSR can order or retain a heavy duty state of the art work class ROV, fully outfitted with the tool set to complete the salvage and bring a bar on deck. This specialized equipment costs about $2.5M, requires well trained support crews and is capable of lifting heavy loads and has a long build/lease lead time of up to 20 weeks.

    “Many marine technology firms are very interested in helping and being part of such an exciting treasure salvage project right in Boston’s back yard. They want to share in this once in life time adventure. And, it has a rich local and national history with a high degree of intrigue.”

    “We have spoken with some interesting individuals and some family investment groups who are bored with traditional opportunities. They are certainly tired of the significant swings and losses occurring in the market today. They are most intrigued with the unique sense of history and adventure the Port Nicholson treasure simply from the excitement factor.

    “Who wouldn’t want to be a treasure hunter, have a real piece of history (1942 platinum) and be able to say ‘I am a real treasure hunter’. It is every kid’s dream to be a treasure hunter and some adults dream of it too!”

    “All we have left to do is get the right equipment to bring up the bars we have seen. 2012 is our year to make this all come to fruition!”

    Sub Sea Research LLC (SSR), a Maine company founded in 1994, maintains a fleet of ships and scientific exploration equipment to engage in research, conservation, development and exploration activities around the world aimed at finding, recovering or preserving underwater shipwrecks of special historical and cultural significance.

    $3B WWII Shipwreck Located in Boston Harbor's Back Yard by Sub Sea Research

    If you go to the linked article there is an annoying flash thing playing the music. Somehow you can disable it.


  • #2
    The finds go to the US Government?
    "Who says organization, says oligarchy"

    Comment


    • #3
      Archaeologist discovers two sunken World War fighters containing bullion worth £162MI

      I don't know who is going to have to share it from that wreck. I would think insurance was paid out after the sinking, then whoever brings it up gets to keep it. Will probably be tied up in Mass courts for a while.

      And it looks like Odyssey Marine found two more ships with silver bullion, one from WWI and one from WWII. Don't know why the article author is calling them fighters, they were freighters.

      Archaeologist discovers two sunken WWI fighters containing bullion worth £160MILLION | Mail Online
      Last edited by Ken_NJ; 02 Feb 12,, 16:24.

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      • #4
        I always imagine that the number of ships with concentrated wealth lost at sea is large and the number we recover is a small %. There is immense wealth buried in the silt at the bottom of the sea. If not salvaged, these "clumps" of gold or platinum will eventually be buried and then work its way ever deeper, to be lost forever beneath the continental shelf.

        Comment


        • #5
          Originally posted by Wayfarer View Post
          The finds go to the US Government?
          Actually, I think the salvage company gets to keep it; right at the beginning of the article, they stated: "In 2009 SSR obtained legal recognition from the US Courts as the legal owner and salvager of the ship."
          "There is never enough time to do or say all the things that we would wish. The thing is to try to do as much as you can in the time that you have. Remember Scrooge, time is short, and suddenly, you're not there any more." -Ghost of Christmas Present, Scrooge

          Comment


          • #6
            They might be the legal owner and salvor, but that might be they would be the only group that could salvage what is down there and work on the wreck. It might not apply to what they bring up. When they removed the gold from the HMS Edinburgh in the North Sea, it was divided between Great Britain, Russia and the salvors. Not sure if the Edinburgh was in international waters or not. Then again I'm no lawyer, so what do I know.

            HMS Edinburgh (16) - Wikipedia, the free encyclopedia

            Comment


            • #7
              Originally posted by Ken_NJ View Post
              They might be the legal owner and salvor, but that might be they would be the only group that could salvage what is down there and work on the wreck. It might not apply to what they bring up. When they removed the gold from the HMS Edinburgh in the North Sea, it was divided between Great Britain, Russia and the salvors. Not sure if the Edinburgh was in international waters or not. Then again I'm no lawyer, so what do I know.

              HMS Edinburgh (16) - Wikipedia, the free encyclopedia
              That could be; it DOES say "legal owner and salvager of the ship", it doesn't say anything about the contents of the ship.
              "There is never enough time to do or say all the things that we would wish. The thing is to try to do as much as you can in the time that you have. Remember Scrooge, time is short, and suddenly, you're not there any more." -Ghost of Christmas Present, Scrooge

              Comment


              • #8
                That $3 billion was supposed to pay for lend-lease stuff? If so, I believe the following folk would have a valid claim:

                - The U.S. Government
                - Any insurers who paid out for the loss back in 1942
                - Possibly Russia

                The salvors would undoubtedly get a cut, but just because it's at the sea bottom doesn't mean the contents become finder's-keepers. Looted Nazi art certainly always belonged to the original owners, correct?

                Comment


                • #9
                  Oh my, a lot of stories in the news about under water finds the past few days. This is an older story about Odyssey Marine which found a Spanish sailing ship that sank hundreds of years ago off of the coast of Spain. They have the gold under lock and key in the US awaiting a US courts decision. Not a good outcome for OM. And maybe Portugal will get in on the goods... video...

                  Video - Breaking News Videos from CNN.com - Spain treasure dispute nears end.

                  Comment


                  • #10
                    Here's a story\video with a slight discussion about who might own the booty. Sounds like it was a bank to bank transfer and the banks are out of business. Supposedly the governments might not be involved with this. But no mention of the insurance companies.

                    Modern Treasure Hunters Claim They've Found Billions In Sunken Ship Off Boston | Fox News

                    Comment


                    • #11
                      Originally posted by Chogy View Post
                      That $3 billion was supposed to pay for lend-lease stuff?
                      yea, iirc it was ussr's payment for LL
                      "Democracy is two wolves and a lamb voting on what to have for lunch. Liberty is a well-armed lamb contesting the vote!" B. Franklin

                      Comment


                      • #12
                        had an argument about this with someone, he brought a good point, the bill for lend lease was not presented to ussr until 1947, so this can't be a payment, since the ship was sunk in 1942, so what was it?

                        also it was on British ship, and according to some sources usa was compensated by USSR for lost cargo\money.

                        was it prepayment for LL, by GB and USSR? if so how come no documents about it exists?
                        Last edited by omon; 03 May 12,, 01:14.
                        "Democracy is two wolves and a lamb voting on what to have for lunch. Liberty is a well-armed lamb contesting the vote!" B. Franklin

                        Comment


                        • #13
                          Hundreds of bars of silver rescued from WWII shipwreck

                          This one is off of Ireland. You will have to go to the article. Looks like the UK government is getting it back?

                          Link...
                          Hundreds of bars of silver rescued from WWII shipwreck - Telegraph

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                          • #14
                            Salvage rights include the rights to 10% of the value of everything recovered. A 3 billion dollar find is a $300 million dollar paycheck.

                            Comment


                            • #15
                              Odyssey gets 80% of the Net after recovering expenses. Not a bad deal at all.

                              Odyssey Announces First Load of Silver Cargo from Three Miles Deep | Maritime News | Maritime Executive Magazine

                              SS Gairsoppa Operation Results in Deepest, Largest Precious Metal Recovery

                              Odyssey Marine Exploration, pioneers in the field of deep-ocean exploration, announced it has successfully recovered approximately 48 tons of silver bullion from a depth of approximately three miles. This initial recovery of bullion from the SS Gairsoppa, a 412-foot steel-hulled British cargo ship that sank in February 1941, totals 1,203 silver bars or approximately 1.4 million troy ounces of silver and has been transported to a secure facility in the United Kingdom. After unloading the cargo, taking on fuel and changing personnel, recovery operations will continue and are expected to be completed in the third quarter of 2012. This record-breaking operation has so far produced the heaviest and deepest recovery of precious metals from a shipwreck.

                              Odyssey is conducting the Gairsoppa project under contract with the UK Department for Transport. Under the terms of the agreement, which follows standard commercial practices, Odyssey bears the risk of search and recovery and retains 80% of the net salved value of the Gairsoppa silver cargo after recovering its expenses. The contract was awarded to Odyssey following a competitive tender process.

                              The amount of silver bars recovered so far represents approximately 43% of the insured silver bars, or approximately 20% of the total silver cargo which research has indicated may be on board. In addition, an estimated 600,000 oz. of insured silver is expected to be found on the SS Mantola, a second modern shipwreck recovery project being conducted in conjunction with the Gairsoppa project. Upcoming operational plans include continued recovery of silver on the Gairsoppa from the cargo area that is in the process of being cleared and then the inspection of other cargo holds if the current area does not hold the rest of the expected bullion. Serial numbers and other markings from the silver bars recovered to date all match the contemporary insured silver cargo documentation therefore it is anticipated that the entire insured amount is aboard. However, it is unknown at this point whether there is additional uninsured silver on the site.

                              The Gairsoppa was a merchant ship torpedoed by a German U-boat during World War II. During the War, the UK Government insured privately owned cargo under their War Risk Insurance program. After making an insurance payment of approximately £325,000 (1941 value) to the owners of the silver cargo lost aboard the Gairsoppa, the UK Government became the owners of the insured cargo. As some sources, including ”Lloyd’s War Losses” indicate a total silver cargo worth £600,000 (1941 value) lost aboard the Gairsoppa, there may have been additional government-owned silver cargo aboard that would have been self-insured.

                              “With the shipwreck lying approximately three miles below the surface of the North Atlantic, this was a complex operation,” commented Greg Stemm, Odyssey Chief Executive Officer. “Our capacity to conduct precision cuts and successfully complete the surgical removal of bullion from secure areas on the ship demonstrates our capabilities to undertake complicated tasks in the very deep ocean. This technology will be applicable to other modern shipwreck projects currently being scheduled as well as our deep ocean mineral exploration activities. Our success on the Gairsoppa marks the beginning of a new paradigm for Odyssey in which we expect modern shipwreck projects will complement our archaeological shipwreck excavations.”

                              “The progress on this project is a testament to our world-class team. Our research department developed extensive information about the vessel’s sinking and layout of the ship, and our marine operations team was able to locate both the Gairsoppa and the Mantola shipwreck sites relatively quickly last summer. We assembled the suite of equipment necessary for a successful recovery and conducted reconnaissance dives to plan efficient operations.” said Mark Gordon, Odyssey President and Chief Operating Officer. “This demonstrates the viability of the business model we have developed to identify and recover the historic knowledge and economic value of otherwise lost government assets.”

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