MEMBERS of the International Salvage Union (ISU)
provided 196 salvage services last year, the same number as the year before,
reports London's Tanker Operator.
Improvements in ship and operational safety has provided a reduction in the number of services provided each year, the ISU said in its annual report.
The 2013 figures showed total revenues of more than US$700 million, up from just over $600 million in the previous year.
ISU members also carried out 48 wreck removal operations last year, compared with a five-year average of 33 such operations per year.
In 2013, revenue from Lloyd's Open Form (LOF) cases and associated SCOPIC income combined with income from other salvage activity rose 11.3 per cent to $264 million year on year.
The reason for the increase was a small increase in LOF cases and a very marked decrease in total salved funds.
This indicated an increase in smaller value cases where it had been appropriate to reach a higher settlement, or make a higher award, to give the contractor a meaningful reward, said the ISU statement.
Wreck removal income increased 50 per cent to $450 million in 2013, which was due to impact of a small number of substantial, well-known cases, said the ISU.
"In general, these revenues have increased during the past decade and now account for a substantial portion of the industry's annual income," said the report.
Said ISU president Leendert Muller: "The statistics show a vibrant industry providing valuable services to shipowners, property owners and their insurers."
Improvements in ship and operational safety has provided a reduction in the number of services provided each year, the ISU said in its annual report.
The 2013 figures showed total revenues of more than US$700 million, up from just over $600 million in the previous year.
ISU members also carried out 48 wreck removal operations last year, compared with a five-year average of 33 such operations per year.
In 2013, revenue from Lloyd's Open Form (LOF) cases and associated SCOPIC income combined with income from other salvage activity rose 11.3 per cent to $264 million year on year.
The reason for the increase was a small increase in LOF cases and a very marked decrease in total salved funds.
This indicated an increase in smaller value cases where it had been appropriate to reach a higher settlement, or make a higher award, to give the contractor a meaningful reward, said the ISU statement.
Wreck removal income increased 50 per cent to $450 million in 2013, which was due to impact of a small number of substantial, well-known cases, said the ISU.
"In general, these revenues have increased during the past decade and now account for a substantial portion of the industry's annual income," said the report.
Said ISU president Leendert Muller: "The statistics show a vibrant industry providing valuable services to shipowners, property owners and their insurers."
Source : SN-TR.
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