Salvage & Wreck Removal: Market Trends and the US Perspective
The global salvage business continues to be very dynamic with emerging trends and significant moves made by major salvors. While not as heavily affected by primary economic factors such as the offshore market’s connectivity to oil prices, the global market for salvage and wreck removal continues to evolve rapidly and the U.S. influence on the market plays an important role. There are many market pressures on salvage companies beyond a business model that are inherently risky; these market forces will continue to shape the industry with interesting results.
Grounded Vessel Leaked 6,000 Gallons
According to the Alaska Department of Environmental Conservation (DEC), grounded fishing vessel Arctic Hunter has leaked approximately 6,000 gallons of diesel fuel and 400 gallons of hydraulic lubricating oil, and a light sheen was seen surrounding the vessel. Resolve-Magone Marine Services has secured pollution sources on the vessel, the report said, and the company will conduct further salvage operations as weather conditions allow. The 102-foot vessel was estimated to be carrying 12…
Lone Star Tow Operations Underway Near Dillingham, Alaska
Salvage crews began tow operations for the fishing vessel Lone Star near Dillingham, Wednesday, the U.S. Coast Guard reported today. The crew of the tug Double Eagle, with assistance from the crew of the support vessel Western Viking, will tow the Lone Star to Dutch Harbor where its owner will determine whether or not to scrap the vessel. “The removal of the Lone Star has been a long process, and we appreciate the work and support of the salvage crew and our agency partners throughout the response,” said Lt. Daniel Peters of the Sector Anchorage prevention department.
Resolve Marine Group Acquires Magone Marine Services
Resolve Marine Group, based in Fort Lauderdale, Florida has agreed to acquire Magone Marine Services of Western Alaska. The result, say Resolve, will be a greatly expanded, emergency response and marine services company that combines the local expertise amassed by Magone Marine’s Alaskan salvors with the extensive resources, personnel, and vast salvage & wreck removal experience of Resolve Marine Group. The newly-formed business will be named Resolve-Magone Marine Services…
Oil Spill Cleanup Secondary to Fiscal Matters?
In November 1997, Japanese refrigerator ship Kuroshima went aground at Summer Bay near Alaska's Dutch Harbor in heavy weather. A local USCG team was able to rescue only 16 of the ship's 18 crewmembers. Two perished when heavy seas broke over the ship's bows as it was attempting to reset anchors. The vessel was eventually salvaged but USCG investigations have disclosed that it was not a smooth operation. According to the USCG, when immediate efforts to remove the ship from the beach failed, Crowley Maritime Corporation was contracted to attempt salvage while a local firm, Magone Marine, was contracted to provide assistance. Even before salvage terms were agreed upon…
