On 15 March 1912
Oceana finished loading for her next trip to Bombay in the
Port of Tilbury, under the command of Captain Thomas H. Hyde,
RNR. She was also carrying £747,110 worth of gold and silver
ingots: £3 million at 2010 values. The next day she was proceeding west through the
Strait of Dover at nearly full speed. The sea was calm although there was a strong headwind. In the opposite direction approached the , a 2,850-ton German-registered four-masted steel-hulled
barque. Commissioned, owned and operated by
F. Laeisz of
Hamburg, she was on her way from
Mejillones,
Chile to Hamburg with a cargo of
nitrate, sailing under full sail at a speed of almost . The pilot ordered the immediate closure of all the
watertight bulkhead doors on
Oceana, whilst the captain ordered all crew and passengers to their
boat stations to stand by to abandon ship. While awaiting rescue, the crew tried to lower one of the
lifeboats, but it crashed into the sea and capsized, resulting in the loss of seven passengers and ten crew. Although listing,
Oceana was taken in tow by the
Newhaven tug
Alert, stern first, at 08:00. The subsequent
Board of Trade Inquiry, which reported on 13 July 1912, reached similar conclusions, suspended the chief officer's certificate of competency for six months and censured the master. ==Bullion salvage==