Titanic Submarine Search
On Sunday morning, a submarine nicknamed the Titan started its commercial expedition to explore the wreckage of the Titanic. On board the vessel are five crew members, including Stockton Rush, the CEO of OceanGate Expeditions, the company which developed the mission. After less than two hours from submerging into its dive, the Titan lost contact with the Polar Prince, the base research ship aiding the mission from the surface of the water. Since losing contact, efforts have been made by U.S. and Canadian ships and planes to locate and rescue the missing submarine, which is reported to have roughly 30 hours of air left at the time of this publishing. The sub is suspected to be located near the Titanic wreckage site, several hundreds of miles off the coast of Cape Cod and Newfoundland Coast. The expedition began with 96 hours of oxygen, in hopes that any internal issues would grant several days of a stable environment. However, another key issue with the submersible is its lack of an emergency hatch, potentially due to the extreme amount of pressure needed to withstand exploring the Titanic.
OceanGate Expedition was initially founded in 2009 with hopes to advance deep-sea exploration using innovative submarine technologies. The Titan, which has previously made three separate voyages to the Titanic, is known to have state-of-the-art sonar and photography capabilities to capture the 100-year-old shipwreck. The Titan has even been noted to be piloted using a makeshift device comparable to a video game controller. Regardless, around 10,000 square miles have been searched in the Atlantic, and Canadian planes recently used sonar to intercept a “banging” sound they believe to be human made, giving hope for a future rescue. As of Tuesday night, the mission to find and save the five passengers of the Titan remains underway, with several sonar and radar efforts from the air and sea.
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I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.
