All five individuals aboard the vessel met their untimely demise due to a catastrophic implosion that occurred after the vessel was submerged. The exact location and time of the implosion are not yet clear. However, an Unusual occurrence was detected by the US Navy’s acoustics system, which is thought to be responsible for the fatal implosion of the Titan.

The Coast Guard has declared the discovery of wreckage from the submersible, leading to the official termination of rescue operations. This marks a sorrowful conclusion to the events encompassing a frantic search and a global observance of the missing vessel.

According to officials, the debris was located near the Titanic shipwreck by an underwater robotic device and is suspected to originate from the submersible.

The quest for the missing vessel will lead to substantial financial burdens for the U.S. Coast Guard and other participating organizations, amounting to millions of dollars. This unprecedented oceanic search involves the collaboration of numerous countries and private entities.

Norman Polmar, a naval historian, analyst, and Virginia-based author, noted that the operational expenses for the search aircraft, such as the P-3 Orion, P-8 Poseidon sub hunters, and C-130 Hercules, are significant, with hourly costs reaching tens of thousands of dollars.

Although certain agencies may have the option to seek reimbursements, Stephen Koerting, a maritime law specialist and U.S. attorney in Maine, indicated that the U.S. Coast Guard is typically prohibited by federal law from collecting reimbursement for any search or rescue services.

The Titan submersible, which was operated by OceanGate Expeditions, carried five people on a dive to the Titanic wreckage site in the North Atlantic when it lost contact with the support ship. The passengers included Stockton Rush, the founder and CEO of OceanGate Expeditions, who was piloting the vessel.

Also on board were Hamish Harding, a British businessman and explorer, Paul-Henri Nargeolet, a French maritime expert, and Shahzada Dawood, a British-Pakistani businessman, and his son Suleman Dawood, who were members of one of Pakistan’s wealthiest families.

According to a statement by the University of Strathclyde in Glasgow, Suleman was a business student at the university. All five passengers are believed to have died, according to the U.S. Coast Guard and OceanGate Expeditions.