Use a rope arrow and the rope ascender to open the gate to the elevator.
Enter the fenced-in area and use your climbing axe to pull the lever to call the elevator.
It works a little too well, and the elevator crashes to the ground, clearly broken. Guess you'll be taking the long way up.
Move to the back wall of the broken elevator and jump straight up to grab the lower of the 2 shiny metal bars. Climb onto the ledge above.
Then jump straight up to grab a handhold above.
Jump up again and press Interact to latch onto the climbing wall. Climb up and to the left. Jump across the crevice with the copper pipes and latch onto the wall to the left. Then continue climbing up and around to the left.
You can see the ledge where you're headed above, but if you climb down here and drop onto the ledge below...
..., you'll find a salvage net. Burn it to get the salvage inside.
Then jump back onto the climbing wall and continue climbing upward.
When you reach the ledge above, you get 100 XP and a mission update.
[Part 2 | Return to the Shipwreck Beach Walkthrough]
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