Top 3 Most Famous Shipwrecks (Billion Dollar Accidents)

most famous shipwrecks

There are many types of offshore accidents but when we discuss famous shipwrecks, we are referring to wrecks that resulted in the ship going completely underwater and, in most cases, un-salvaged.

These wrecks were responsible for the loss of thousands of lives and billions of dollars in physical damage. It is crucial that we observe these situations with a lens of objectivity to how these disasters happened, what we can learn from them, and how we can improve while remembering that lives were lost.

That’s why in this article, our maritime accident lawyers cover 3 famous shipwrecks in history.

Let’s dig in.

20 Billion Dollar Shipwreck: San Jose Galleon

In November 2015, the wreckage of the San Jose Galleon was finally discovered. The Woods Hole Oceanographic Institute (WHOI) reported on developments from 2018, shortly after the discovery of the 1708 three-masted galleon that went under in a battle with the British during the war of Spanish succession.

A History Channel documentary quoted sources reporting that the ship went down within minutes after the attack by British ships. The same reports tell us that only eleven members of the crew survived.

A group of international scientists searching off the coast of Columbia discovered the wreckage that explorers think contains nearly 20 billion dollars’ worth of gold, silver, and emeralds.

Currently, several parties are involved in lawsuits to determine who owns the treasure when divers recover it. These parties include:

  • The Spanish government
  • The Peruvian government
  • The company that discovered the wreckage
  • Descendants of the indigenous and enslaved workers in New Granada who first mined the valuables.

Costs Still Rising for the Loss of the USS Arizona

The USS Arizona is a disaster close to the hearts of many Americans. Originally built in 1917, the ship cost $12,993,579 to build – roughly $320,000,000 in 2024 dollars.

As a casualty of the Japanese attack on Pearl Harbor, the USS Arizona sunk on December 7, 1941.

Japanese pilots targeted the ship in the initial minutes of the attack on Pearl Harbor, but it sustained relatively minor damage until one shot penetrated near the front turrets.

After sinking to the bottom of Pearl Harbor, the USS Arizona continued to burn for two days.

The complete devastation of the vessel resulted in a total loss. Divers could only salvage small parts.

Over 1,177 crew members died in the attack, many of them likely killed in the initial blast, while the rest would have drowned as the ship sank.

To this day, many of the bodies have not been recovered. In 1947, The Schofield Barracks Central Identification Laboratory exhumed 170 unidentified servicemen from Hawaii and attempted to identify them.

They were able to identify 100 of them and notify their families successfully.

The cost of this shipwreck continues today with the USS Arizona continuing to leak fuel oil into Pearl Harbor Bay, at an estimated rate of 9 quarts per day. At this rate the ship could continue leaking oil for another 500 years.

Titanic – a $243 Billion Dollar Loss

titanicThe Titanic is possibly one of the most famous shipwrecks in our society today. Engineers and those who invested in the creation of the Titanic claimed it was unsinkable.

The Titanic was the biggest ship in the world at the time of its first voyage from England to New York City.

According to the investigation report, the estimated value of the ship was $7.5 million in 1912, equivalent to around $243 billion today.

The confidence in the ship’s ‘unsinkable’ construction may have caused the captain to exercise less caution than normal regarding safety measures and navigation.

The Titanic collided with an iceberg in the middle of the ocean about 350 miles off the coast of Newfoundland, Canada. The ordeal lasted 2 hours and 40 minutes from collision to full submersion, taking 1500 lives with it.

A United States Senate report following an investigation of the accident states that the only drills completed were the lowering of two lifeboats.

Further, while the number of emergency devices was standard for the time, the report indicates a total lifeboat capacity of 1,176, well short of the total of 2,200 passengers.

This significant lack of safety equipment and additional factors led to the catastrophic loss of life.

Maritime Safety Adaptations

Thankfully, the devastation of the Titanic prompted investigations into what happened and informed many maritime safety regulations and changes to maritime law.

One of the most notable changes was regarding wireless communications. The International Radiotelegraph Conference, held in London mere months after the sinking of the Titanic, provided an opportunity to discuss changes. One of which was that the 600-meter wavelength would be reserved exclusively for ships at sea.

10,000 Shipwrecks in the Great Lakes

shipwreckThe waters in the Great Lakes of North America are known to be rough and have caused countless shipwrecks.

Many of these may not have received the same notoriety as the above cases, but the culmination of these wrecks shows substantial losses.

Some research estimates as many as 10,000 shipwrecks in the Great Lakes dating back as far as the 1600s.

One of the benefits of wrecks in this area is that the condition of the water helps preserve the wreckage. This preservation allows explorers and divers to salvage more, providing us with valuable information about our history.

When we can collect more preserved remains, it supports efforts with other agencies to identify remains and notify families and descendants when possible.

Some accounts claim that researchers have identified as many as 350 ships at the bottom of Lake Superior, but fewer than half of them have been discovered.

The Department of Defense has chosen the Great Lakes region to study DNA identification efforts with the ultimate goal of identifying missing military personnel.

Shipwreck Impact

If you or a loved one have experienced a shipwreck, you may be eligible to seek compensation for its impact on your life and the injuries it caused.

At Dax Garza Law, our Houston Maritime Accident Attorneys understand how complex these cases can become and strives to support you through the legal process and recover the compensation available to you.

You can contact us for a free case consultation online or by phone. We understand the specialized need of your maritime injury case and have the experience and results to show it.

Don’t try to navigate your injuries alone. Call us today.

Schedule your FREE Case
Consultation

GET A FREE CONSULTATION 713.522.3000