Shipwreck recovery firm Odyssey Marine Exploration Inc. (NASDAQ: OMEX) announced today that it has received approval and contracts for salvage from ship owners to recover sunken commodity shipwreck cargoes that could be worth more than $230 million, based on current commodity prices. Odyssey said that it has contracts awarding it 90% of the value of recovered cargoes from four shipwrecks and expects to explore nearby wrecks for which it does not require a contract.
The company recently reported good results from its recovery of silver ingots from the SS Gairsoppa, a ship sunk off the British coast during World War II. Odyssey is also working on recovering a British warship sunk in 1744.
Odyssey also said that the company has recently acquired an archive of material that may lead to additional recovery targets.
Shares of Odyssey’s stock are up 3% today at $3.82 in a 52-week range of $1.80 to $4.46.
Paul Ausick
Is Your Money Earning the Best Possible Rate? (Sponsor)
Let’s face it: If your money is just sitting in a checking account, you’re losing value every single day. With most checking accounts offering little to no interest, the cash you worked so hard to save is gradually being eroded by inflation.
However, by moving that money into a high-yield savings account, you can put your cash to work, growing steadily with little to no effort on your part. In just a few clicks, you can set up a high-yield savings account and start earning interest immediately.
There are plenty of reputable banks and online platforms that offer competitive rates, and many of them come with zero fees and no minimum balance requirements. Click here to see if you’re earning the best possible rate on your money!
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
