Incheon, South Korea - A large dredger that sank off the coast of Incheon 13 years ago and remained submerged has finally been salvaged. However, efforts by maritime authorities to recover the billions of Korean Won spent on the operation from the defunct shipping company are facing significant challenges.

According to the Incheon Regional Office of Oceans and Fisheries (IROOF) on April 23rd, the 1,900-ton dredger 'Daeyoung P-1' was recently raised from the Incheon New Port channel by a specialized external contractor.

The 52.8-meter long and 14.7-meter wide vessel sank on August 22, 2012, off the planned site of the Incheon New Port container terminal in Yeonsu-gu, Incheon. The dredger had previously been used in dredging operations for the Incheon New Port. Following the shipping company's bankruptcy, it was left anchored and eventually succumbed to its deteriorated condition, leading to its sinking.

IROOF had repeatedly issued removal orders to the vessel's owner but, with no action taken, proceeded with administrative enforcement, commissioning the salvage operation through an open bidding process. The contractor encountered a vessel broken into three sections – the bow, midship, and stern – due to its age and the forces of the marine environment. Cranes and grab mechanisms were employed to lift the sections before transporting them to a storage yard.

Recognizing that the continued presence of the sunken vessel would impede the navigation and operations of the Incheon New Port Phase 1-2 container terminal, slated to open in 2027, IROOF allocated a budget of 3.1 billion KRW (approximately $2.3 million USD) for the removal.

However, the shipping company that owned the 'Daeyoung P-1' has since been liquidated, creating a major hurdle for IROOF in recovering the substantial costs incurred for the salvage operation. While IROOF initially intended to issue a payment order to the company, the liquidation has rendered this approach ineffective. The agency is now seeking legal counsel from the Ministry of Oceans and Fisheries to explore alternative cost recovery strategies.

An official from IROOF stated, "Locating a responsible party is currently difficult due to the company's dissolution. We plan to seek legal advice on how to proceed in such cases. We are also considering all possible avenues for cost recovery, including the public auction of the salvaged vessel."

The successful, albeit costly, salvage operation has eliminated a significant navigational hazard in the increasingly important Incheon New Port. However, the financial burden now rests on the public purse, highlighting the challenges authorities face when dealing with abandoned vessels and bankrupt shipping companies. The legal consultation with the Ministry of Oceans and Fisheries will be crucial in determining the next steps for recovering the considerable expenses incurred in this lengthy and complex operation.