Salvage industry feels the squeeze

IT is of course true that nobody wants an accident - and that is even more the case at sea, where accidents can very easily become tragedies. Lost ships and lost lives have been a melancholy part of seafaring from the time people started paddling canoes. We must never forget that the sea will always be a challenging, unforgiving environment. So it is absolutely good news that generally, in the long run, there has been a remarkable decline in the number of casualties over the years, despite a huge increase in sea trade.

Earlier this year, major insurer Allianz reported that the number of total shipping losses declined during 2016 to 85, from 101 in 2015. The number of shipping incidents (or casualties) also declined year on year. Large shipping losses declined by 50 per cent over the past decade, driven, Allianz believes, by "improved regulation and the development of a more robust safety culture".

All good news, unless you happen to earn a living from salvaging vessels and removing wrecks.