Web Alert: ISU statistics indicate that the salvage industry continues to experience weak revenues
News & Insights 26 June 2018
The International Salvage Union today published its annual statistics for 2017.
The International Salvage Union (ISU) today published its annual statistics for 2017.
The statistics show a 20% year on year increase in revenues and a significant increase in wreck removal income. The number of Lloyd's Open Form (LOF) cases has also increased, but overall revenue and average LOF income is down. Revenue from LOF cases in 2017 was $54m which is the lowest since 1999 and demonstrates the downward trend of LOF. However, the average revenue from non-LOF contracts has increased.
The statistics show the variability of the salvage industry which continues to be active and play an essential role in supporting shipping. They also show a continuing trend for commercial contracts to be used instead of LOF.