An overview of the current international salvage industry

John Witte, of the International Salvage Union, considers the state of the salvage sector

The International Salvage Union (ISU) statistics for 2016 – the most recent available – show a substantial fall in salvage and wreck removal revenue. Gross revenues for ISU members in 2016 from all activities fell to US$380 million. It compares with $717 million in 2015, a drop of 47 per cent. This followed a decrease in revenue the previous year as well. But this is not an industry in crisis. There are still plenty of salvors – entities willing to perform salvage. However, the existing shipping environment has undoubtedly made life commercially difficult for many salvage operators. And, as owners and insurers seek to reduce costs, the question is: are all those who are “willing” to perform salvage “able” to perform salvage safely and reliably?