Does the 2001 Convention regulate the ownership of wrecks?
No. The 2001 Convention does not regulate the ownership of submerged historical remains. The ownership of the cultural property remains regulated by civil law, other domestic law and private international law. Since the notion of wreck is often connected with the term “treasure”, the general public tends to focus on the issue of “who owns it?” However, the 2001 Convention does not intend to arbitrate quarrels or claims to ownership. The Convention deals with the heritage aspect of the remains of ships and ruins. They should be preserved to give testimony to historic events – and often very tragic events, the ending of a journey and a loss of human lives. The sites concerned should therefore be preserved for their cultural and not their monetary value.
