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TAMPA — Deep-ocean exploration company Odyssey Marine Exploration has recovered 48 tons of silver bullion from the SS Gairsoppa, it announced in a news release.
Odyssey says the bullion totals 1,203 silver bars equalling approximately 1.4 million troy ounces. Silver recently traded for about $27 per troy ounce, which would make the initial recovery worth about $37.8 million.
Odyssey won the contract to recover the insured silver for the United Kingdom Department for Transport. Under the contract, Odyssey bears the risk of search and recovery but retains 80% of the net value of the Gairsoppa's silver cargo after expenses.
In a news release, Odyssey says it believes the amount of silver recovered so far represents about 43% of the insured silver bars and 20% of the total silver cargo onboard the sunken 412-foot British cargo ship. The ship was torpedoed by a German U-boat in February 1941. The ship is about three miles under water.
During World War II, the UK insured privately owned cargo on ships. After paying 325,000 pounds (the 1941 value) to the owners of the silver cargo lost aboard the Gairsoppa, the UK government became the owner of the insured cargo and sought to recover it.
Tampa-based Odyssey Marine has posted losses in net income for the past five quarters, most recently losing $5.48 million in the quarter ended March 31. Its stock (symbol: OMEX) was buoyed by the news late Tuesday, and is trading for about $4 per share.
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