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Web Alert: The International Salvage Union publishes its 2015 Annual Review

12 July 2016

The International Salvage Union (ISU), a trade association for marine salvors, has recently published its 2015 Annual Review.  The review highlights that the salvage industry had its second busiest year since 1999 with 212 services being recorded in 2015, although this is down on the previous year’s figure of 249.  This drop in recorded services is also reflected in the recorded gross revenue for ISU members, with USD  717 million recorded for 2015 compared to USD 775 million in 2014.

Income from wreck removal has grown by USD 5 million compared to 2014, while revenue from operations conducted under salvage contracts generally is at its second highest level ever, at USD 98 million.  However, revenue from the most notable salvage contract, Lloyd’s Open Form (LOF), is at its lowest in more than a decade.  Its drop to USD 83 million has prompted the ISU to commence a joint project with Lloyd’s of London to increase the use of LOF through education and information, which is seen as a long-term project.  It is to be noted that the decline in LOF cases has been somewhat offset by the significant increase in SCOPIC revenue seen throughout 2015, which has doubled compared to 2014.

The review also provides an update on the issue of Places of Refuge, with the ISU being closely involved in the production of the Operational Guidelines on Places of Refuge, implemented by the European Union in January 2016.  The Guidelines can be found here and The Standard Club has previously reported on the issue here.

The review also provides an update on environmental protection, with the 2015 survey showing that nearly 1.9 million tonnes of potential pollutants were involved in all recorded operations.  This is up on the 1.65 million tonnes recorded in the previous year.