This one is for fun, so watch for clues! O. L. Salt had a long career in the merchant trade of the western hemisphere, running voyage charters in old tramp freighters and hauling whatever cargo came his way. He had since retired, living on a houseboat south of Miami when he decided to return to the sea. He acquired an old rust-bucket tanker, the Q. Anne's Revenge II, from an acquaintance in Panama who found the old ship no longer worth the upkeep. But she would do for hauling small cargos of crude oil. O. L. Salt contracted with an oil trader in Venezuela to haul 40,000 tons of crude oil, worth $28 million, to a buyer in Houston. All went well, until a few days out from port when the ship's engines apparently gave in under the strain. Sailors on a passing container ship reported seeing fire on the Q. Anne Revenge II, as they watched her disappear into thousands of feet of water near the Cayman Trench in the Caribbean Sea. Those observing reported that the ship had been setting low in the water, appropriate for a tanker with a full load of cargo. Fortunately, Salt and his Jamaican crew were found dry and safe, suitcases in hand, in a Jamaican hotel. They had lost all else, even the ship's log. Luckily for the environment, hardly a trace of an oil spill could be found. The owner of the cargo filed a cargo insurance claim. Salt filed a hull and machinery claim with his insurer for the loss of the Q. Anne's Revenge II, a loss that would surely end his long career. O. L. Salt had had enough of old ships and the sea, so he left Miami, and retired to a Greek island.
A few days later, a marine publication reported that an old tramp vessel, sailing under the name Corfu Sunset, and flying a Liberian flag of convenience, had been seen entering a Cuban harbor near a refinery there. The reporter who covers maritime news noted that the owner of the cargo likely received a sum well in excess of the market price of oil from Cuba's communist government. After all, Cuba is under a U.S. embargo, its attempts at deep sea oil drilling have failed, and the Russians no longer send them oil.
What happened? Can you speculate on some of the details? Bonus points: What hidden clues are given in the case? While this is not a true story, it is based on many true stories that are not all that uncommon in the maritime trade. If you are still not clear as to what happened, consider the case of the supertanker, Salem, lost at sea in 1980. Conduct some research on the issues presented here. Find out what sources of information are available.
Identify the extent of the problems as they exist in the maritime trade, and find out what is being done to deal with them. Consider beginning your research with the International Maritime Bureau of the International Chamber of Commerce.