Salvors Seek to Recover Tin Cargo
Innocap has entered into an agreement with a company in Singapore to assist in the recovery of a large shipment of tin from a sunken ship that is believed to be in the waters between Indonesia and Malaysia, announced Innocap president, Paul Tidwell.
Innocap said it will receive 40 percent of the proceeds of the salvaged cargo after payment of all expenses related to the salvage effort.
The parties will also use a portion of the proceeds from the salvaged assets equal to $600,000 to recover another sunken cargo believed to have sunk in the South China Sea.
