Salvors remain busy but revenues disappoint

LAST year, specialist salvage companies, or "salvors", belonging to the International Salvage Union (ISU), carried out 234 operations worldwide, nine less than in 2017. The ISU has just published its annual statistics which show a mixed picture.

ISU members reported gross revenue of US$409 million in 2018, down from US$456 million in the previous year. Now, the very nature of salvage, dependent as it is on the number and the nature of shipping accidents, means that the number of salvage operations and the associated revenue fluctuate a lot.

However, ISU president Charo Coll sees a trend. She said in response to the figures: "The 2018 ISU statistics again show the economic pressures on our industry. In response, ISU and its members must continue to promote the value that the industry provides to shipowners, insurers and the wider shipping industry and society.