A salvage company in Laem Chabang recently declined to buy the ship, reasoning that if the cargo was liquid fertiliser as some reports state, the Stainless Steel tanks would be worthless. Why the ship went down is as much a mystery as why it is still standing vertically. The exterior of the ship provides no visible evidence of why the ship went down. It appears that a huge storm and rough seas caused the tanker to sink. There was apparently some loss of life although there seems to be no documented record of the incident and divers who have penetrated the wheel-house have not found any remains.
Many people believe there is gas in the tanks and that is why the ship has remained vertical.
If those two massive tanks are full of air, they would provide considerable buoyancy. The only way to solve the mystery will be to open the tanks. Likewise, one can only speculate that the five metres of ship buried on the ocean floor can confirm or negate the theories as to why the Koho Maru sank. The wreck was first dived around the end of 1998, after having been reported to dive-shops in Pattaya by local fishermen. The later is covered in sea grass that has turned orange due to rust.