Salvage Cost of Stranded Tanker Soars

According to a report on www.businessday.co.za, bad weather could drive up the cost of salvaging the stranded oil tanker MT Phoenix to $4.5m, citing information from the South African Maritime Safety Authority. The tanker reportedly ran aground north of Durban on Tuesday.
One well-placed industry source cited by the news service estimated the costs could soar even higher.
Phoenix reportedly was stranded off a residential area, making the salvage job that much more challenging.
(Source: www.businessday.co.za)