In a stock exchange filing on Friday, Harbor Star and Shogun Ships entered into a no-cure, no-pay contract to salvage the sunken vessel. This includes the handling of spilled oil to minimize its impact on the environment.
A “no cure, no pay” contract means the salvage company only gets paid if they successfully recover the ship or its cargo.
“The company immediately mobilized its tugboats and salvage equipment to the grounding site,” Harbor Star said on Friday.
One crew member of the MT Terra Nova died when the tanker capsized in rough seas due to Typhoon Carina, reports showed, while 16 crew members were rescued. The vessel was carrying about 1.4 million liters of industrial fuel oil.
