On July 18, 2012, about 1045 eastern daylight time, a Piper PA-18-150, N2991Z, operated by Barnstormer Elite Signs Inc., was substantially damaged when it ditched into the Atlantic Ocean, after it experienced a total loss of engine power while maneuvering near North Myrtle Beach, South Carolina. The commercial pilot sustained minor injuries. Visual meteorological conditions prevailed and no flight plan had been filed for the flight that originated from Grand Strand Airport (CRE), about 0900. The local banner tow flight was conducted under the provisions of 14 Code of Federal Regulations Part 91. According to a Federal Aviation Administration (FAA) inspector, the pilot was towing a banner near the shoreline, at an altitude of approximately 500 feet above ground level, when the engine began to suddenly lose power. He applied carburetor heat; however, the engine continued to lose power and then stopped completely. The pilot was not able to restart the engine and performed a forced landing to the water. He was able to exit the airplane before it sank to a depth of about 30 feet. Fueling records revealed that the airplane's fuel tanks were "topped-off" the evening prior to the accident, and the airplane had been operated for about 2 hours since the refueling. The airplane was recovered on July 22, 2012. The airplane sustained substantial damage to both wings and the empennage. Examination of the engine after recovery did not reveal any catastrophic mechanical malfunctions. The engine was rotated via the propeller and valve train continuity was observed, and thumb compression was attained on all cylinders. Saltwater was observed in the carburetor, gascolator, cylinders, and the fuel system was compromised. The engine exhibited significant damage consistent with saltwater corrosion which precluded a check of the fuel and ignition systems. The airplane was manufactured in 1959 and was operated under a restricted category for aerial advertising airworthiness certificate. It was equipped with a Lycoming O-320-B2B, 160-horsepower engine, which was overhauled by Triad Aviation, Inc., Burlington, North Carolina, on June, 19, 2012. At the time of the accident, the airplane had been operated for about 13,240 total hours, and the engine had been operated for about 150 hours since the overhaul and 50 hours since its most recent 100 hour inspection, which was performed on July 9, 2012. The weather reported at CRE, about the time of the accident included a temperature of 30 degrees Celsius (C) and a dew point of 23 degrees C. Review of an FAA Carburetor Icing Envelope chart placed the reported temperature and dew point in the "icing at glide and cruise power" area of the chart.