ClintonAt the time I first heard the song, Late 1970's I guess, there were hundreds of such trawlers all under 65 feet in length due to Dept of Fisheries regulations. They'd cost between 1/2 to 3/4 million new, so I thought that 1/4 million salvage would not be unreasonable. I actually have no idea what the salvage value would be. I had heard of such vessels lost but usually in a gale and not salvageable. I guess I just superimposed the song over what I knew about the industry.
Liz
According to the song, she was a good ship with a bad captian. I think we keep trying to make her rise again because it is such fun!