Odyssey Marine Sails Higher

Shares trade eye-popping volume for a second straight day.
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Odyssey Marine rose 6% in a second straight day of heavy trading after the salvage company said it found lots of silver coins.

The Tampa, Fla., company said Friday that it found 500,000 silver coins weighing 17 tons at its Black Swan site in the Atlantic Ocean. Shares rose 81% that day on nearly 40 times the average daily trading volume.

"Our research suggests that there were a number of Colonial period shipwrecks that were lost in the area where this site is located, so we are being very cautious about speculating as to the possible identity of the shipwreck," said CEO John Morris in a release Friday. "Nevertheless, we have treated this site with kid gloves and the archaeological work done by our team out there is unsurpassed. We are thoroughly documenting and recording the site, which we believe will have immense historical significance."

On Monday, shares tacked on 48 cents to $8.80. Volume at noon was 16 million shares -- nearly double Friday's full-day total and some 70 times the three-month daily average figure.

The rally continued even as the Associated Press reported that a Spanish government official had questioned the company's rights to the loot, saying that "at the very least the origin of the treasure is dubious."

Odyssey replied in its press release Monday that "We do not believe that the recovery is subject to sovereign immunity by any nation pursuant to the Law of the Sea Convention."

The company also said Monday that it "has not estimated the total potential value of the shipwreck," though it disavowed what it called the "widely reported" figure of $500 million.

Odyssey, which has shipwreck exploration and themed entertainment divisions, said Monday that "we can confirm that Odyssey and the


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organization have recently entered into a relationship on a number of projects, and that the two companies are in discussions relative to some new partnership opportunities."