Sinking ships, creating reefs
Sinking ships, creating reefs
Captain Tim Mullane sinks boats for a living.
Owner(s): Captain Tim Mullane
Location: Norfolk, Va. and Philadelphia, PA

Tim Mullane is co-partner with Patrick Pawliczek in American Marine Group, a company that sinks boats to create artificial reefs.

The company -- which was started in 2008 and employs 20 people -- acquires the boats from Government Liquidation. The company sinks nine boats a year from the Northeastern U.S. coast down to the Caribbean. It makes $2 million in revenue a year.

The vessels are towed to the site and recently the company even acquired a military surplus tugboat to bring concrete and tons of other surplus materials to aid in the sinking. Boats are cleaned, appropriate holes are cut to aid both in the sinking and down they go.

Some companies fly banners and hold parties for a boat's sinking. Mullane frowns on that approach, but he does engage in one ritual as one of his boats goes down. "I find myself humming a Pink Floyd song, 'Goodbye cruel world. I'm leaving you today.' "

He also thinks of the generations of fathers and sons who once worked on the decks of the boats he is about to consign to the deep. "We are giving the ship another 50 years of useful life," he said. "I'd like to think the men who worked her would approve."

By Kitt Walsh, contributing writer @CNNMoney - Last updated March 15 2012: 4:26 PM ET
Join the Conversation
Most Popular

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.