In early 2012, we posted about claims made by Greg Brooks of Sub Sea Research that they had found “the worlds richest shipwreck,” the British freighter, SS Port Nicholson, carrying a secret cargo of 71 tons of platinum, sunk by the German submarine U-87 on June 16th, 1942, northeast of Cape
Cod, MS. The claim was met with skepticism, as there was no platinum on the ship’s Bill of Lading or any other evidence of the precious metal. The platinum could be worth $3 billion once salvaged, if it exists at all. There were also claims made about jewels, gold and silver aboard the ship.  At the time, we commented that “press releases are not platinum.”

Since then Brooks and his group have retrieved artifacts from the ship, including a broken compass, a fire extinguisher, and a brick.  As Michael Kaplan, an attorney represented the United Kingdom’s interest in the ship, commented to the Bangor Daily News, the salvors are missing the claimed “jewels, gold, platinum, and silver.” Kaplan also pointed out that world platinum production in the years prior to World War II averaged around 15.5 tons per year, so it is unlikely that a single ship would be carrying 71tons, roughly equal to 4.5 years of worldwide platinum production.

After reportedly spending $8 million of his investor’s money, Brooks may now be considering ending his hunt and selling off expedition assets, including the main salvage vessel.