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Skuld: Wreck salvaging often much more costly than assumed

Salvaging shipwrecks is often much more expensive than the salvage industry estimates at first, says Skuld. Shipowners are worried about the bigger ships.

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BY

With the new wreck convention set to come into force in less than one year, in April 2015, the number of wrecks being removed will increase going forward, and with the entry of the bigger container ships this will do nothing to soothe shipowners' worries about wrecks. Quite the contrary.

Because it often ends up being much more expensive to remove a wreck than the salvage industry estimates at first, says Jonathan Hare, Senior Vice President, Counsel Maritime Law & International Group at Norwegian insurance company Skuld.

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