Salvors remain busy but revenues disappoint
The shipping industry still needs a global network of skilled salvage professionals even with fewer mishaps
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 respo…
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Transport & Logistics
GM CEO Barra compensation fell 4% in 2023 to US$27.8 million
Boeing reports first revenue drop in 7 quarters as deliveries decline
Volkswagen to keep China market share stable as price war rages
COE quota for May-July up 2.7%; passenger car categories rise despite less cut-and-fill
Tesla profits tumble but shares rise on new vehicle plan
Volvo Cars see good demand this year after higher Q1 unit sales