A salvage fleet is a boat filled with roughly equal amounts of all four resources. These spawn on the Battle Pirates map next to active player bases, at a level appropriate to the player. Initially they belong to the Draconians, the computer-controlled pirates in the game, and have a red flag with a black dragon. Salvage fleets that have been captured by another player fly a red flag with a skull, and salvage fleets that you've captured fly a white skull flag.
As salvage fleet level goes up, so does the amount of resources it contains, but also how well defended it is.
Salvage fleets are an excellent way to get lots of resources quickly when you need some of everything. On the downside, they appear somewhat randomly and can take some searching to find.

As a general rule, s/he who put in the work of capturing the salvage should get to keep it in Battle Pirates. If you're inclined to play well with others, don't steal other people's salvages. (Unless it's been sitting there for several hours.) Otherwise: be aware that just because you don't see any of their fleets in the area at the time, they can still see you steal it.
Battle Pirates Guide: Map Basics, Resources, Offense Strategy >>
Battle Pirates Resources Guide: Oil, Metal, Energy, Zynthium, Coins >>
Battle Pirates Ship Weapons Guide >>
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