The International Salvage Union (ISU) is warning that its members are struggling in the face of falling revenue and lower salvage awards.
President Nick Sloane, speaking on the publication of the association’s annual figures, said salvage companies are experiencing “financial pressure”.
“Gross revenues from all sources dipped significantly in 2022 from the previous year and they are weak compared with the industry’s performance generally over the past decade,” he said.
“ISU members continue to experience fierce competition between themselves and from other sources; there are also fewer major jobs and the average income for each service has reduced further.”
According to the ISU, its 50 member companies earned $241m in revenue in 2022, compared with $391m in 2021.
There were only 26 Lloyd’s Open Form awards, earning $66m, down from $122m in the previous year.
Wreck removal income was $55m, compared with $108m.
The ISU highlighted the critical role its members play in protecting the marine environment.
In 2022, they were involved in operations removing 2.6m tonnes of potential pollutants.
Between 1994 and the end of 2022, ISU members have provided services to casualty vessels carrying about 41.5m tonnes of potential pollutants.
Reflecting on the past year, Sloane said: “The maritime world again saw the value of professional, experienced salvors with their own assets and people.”
He cited the refloating of the grounded 12,118-teu container ship Ever Forward (built 2020) in Maryland, which he said “clearly demonstrates the added value of professional salvors in loss mitigation — minimising delays to the vessel’s valuable cargo and preventing lengthy disruption to US ports”.
