New twist on As-Is Where-Is

Discussion in 'All Things Boats & Boating' started by AndySGray, Jul 20, 2014.

  1. AndySGray
    Joined: Jun 2014
    Posts: 296
    Likes: 13, Points: 18, Legacy Rep: 91
    Location: Cayman

    AndySGray Senior Member

    Anyone looking for a classic 1920's ship?

    Built in Sweden in 1927, the Stella Polaris is 127 meters with a 5200 Hp Burmeister engine.
    Grt/ nrt/ Dwt. 5208/ 2599/ 1800 Displacement: 5750 tons

    Lying just off Japan - 70 meters off Japan - Erm, DOWNWARDS!

    I don't know if this is a practical joke, but my gut feeling is this is going to be a million dollar salvage exercise and I don't see anywhere near that value. 70m is too deep for surface divers to work.

    Could there be an environmental bounty from the Japanese Gov. or insurers on its removal or is there something I'm missing as it looks like it should be a quote to salvage rather than to purchase?

    To Quote the movie Airplane;-
    Surely you cannot be serious?
    I AM serious, and don't call me Shirley :D
  2. Mr Efficiency
    Joined: Oct 2010
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    Location: Australia

    Mr Efficiency Senior Member

    Read the fine print carefully, you may win the salvage rights with a $ 1 bid, but be responsible for disposing of it ! :D
  3. AndySGray
    Joined: Jun 2014
    Posts: 296
    Likes: 13, Points: 18, Legacy Rep: 91
    Location: Cayman

    AndySGray Senior Member

    Messrs Floggit, Fleecem and Scarper, Attourneys at Law...

    Shhh - be very carefull bandying extravagant figures like that around - theres probably a lawyer already on his way to you with a hastily drawn up bill of sale :D

    If it was half the depth, it might be worth 20 - 50K to let it stay there as a dive site and charge fees.

    I know a guy who put a bid in on the Zenobia wreck in Cyprus but was beaten by a few thousand (in dubious circumstances) - he had the last laugh as the fuel tanks started to rust out and there was a big bill to remove and clean which most estimate exceeded the profits made from diving fees in all previous years - shame:p.

    The 1920's steel is probably very good quality but even with 1800 ton dwt. there's still negative equity vs. salvage costs.
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