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Salvage industry sees gold on the bottom of the sea

A new UN convention will come into force in less than one year that will enable governments to have wrecks removed at the expense of carriers, and this is solely to benefit the environment. This could open the door to a new business area, says the salvage and rescue industry.

Maersk's salvage and rescue company Svitzer is not the only one seeing a great potential in removing and handling the many shipwrecks currently scattered across the bottom of the sea - and the ones that will end up there over time. Several of the other global players, such as Dutch Smit, also believe that the industry could strike gold here, and the so-called Wreck Removal business is already contributing to the companies' profits.

The increased optimism is caused by, among other things, the fact that environmental concerns are increasingly prioritized by the global community, which means that wrecked ships can no longer be left lying around on the bottom of the sea without ever removing them. This is one of the factors that the recently approved IMO shipwreck convention aims to facilitate, a development that will likely result in more work for the salvage industry.

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