South Korea’s First Preference is Chinese Led Consortium for Salvaging Sunken Ferry, Sewol

South Korea’s First Preference is Chinese Led Consortium for Salvaging Sunken Ferry, SewolOn Wednesday, the South Korean authorities chose a consortium led by a Chinese company as an ideal bidder to recover the remains of ferry which sank last year in April killing three hundred or more people. It was considered as one of the deadliest tragedies to have happened in decades in the country.

The Ministry of Oceans and Fisheries of South Korea said that it will start the negotiation with the Chinese led consortium from the coming week.

Shanghai Salvage Co. which is a state-run firm in China will be leading the team. It has offered to retrieve the sunken ferry for 85.1 billion won approximately $74.6 million.

In case the deal with the chosen salvage company is not reached the next option is a consortium that is led by China Yantai Salvage which is also a state run firm.

For Shanghai, the experiences in salvaging large ships are nothing new. Just sometime back it was involved in salvaging a river cruise ship which sunk in the Yangtze River in China killing four hundred or more people.

The ministry of South Korea approved the plans of salvaging the Sewol, the sunken ferry formally in April. The family of the victims demanded retrieving the remains of the ship which might help in relating the causes of the accident and finding bodies of the passengers who are still missing.

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