• 2023 July 16 13:11

    Gross revenue for ISU members fell to US$ 241 million

    The 2022 ISU statistics show a historic low level of LOF cases – 26 for ISU members – generating income of US$ 66 million

    Key figures:
    • Gross revenue for ISU members – US$ 241 million (2021, US$ 391 million)
    • 149 services provided (2021, 189 services)
    • Lloyd’s Open Form (LOF) – 26 cases (2021, 29). LOF revenue down at US$ 66 million (2021, US$ 122 million)
    • Wreck removal income – US$ 55 million from 32 services (2021, US$ 108 million from 56 services)

    All numbers are gross income from which all the contractors’ costs must be paid. Numbers are for income in the year received not the year when the service was provided.

    ISU President, Captain Nicholas Sloane, said: “The 2022 ISU statistics show a 38 per cent decrease in the income received by our members compared with the previous year. Emergency Response services generated US$ 166 million split between LOF, US$ 66 million and other contracts, $100 million.

    “Wreck removal income has nearly halved, dropping from US$ 108 to US$ 55 million. Economic conditions are challenging and activity and income for our industry is volatile year-on-year. The general trend towards a smaller number of larger and more complex cases enhances that annual variability.

    “The numbers in this survey reflect the period when the world was still fully contending with the Covid pandemic which made operations and logistics more challenging. Throughout those difficult times ISU members showed time and again their problem solving and willingness to overcome obstacles to provide services to their clients, the shipowners, and their insurers. And, taken alongside the ISU’s pollution prevention statistics, these numbers demonstrate a dynamic industry which, in most years, performs some 200 salvage services.

    The 2022 ISU statistics show a historic low level of LOF cases – 26 for ISU members – generating income of US$ 66 million. Revenue from LOF cases amounted to 40 per cent of all emergency response revenue and LOF cases accounted for 21 per cent of emergency response cases in 2022. SCOPIC revenue at US$ 21 million in 2022 was down from US$ 42 million previously.

    Revenue in 2022 from operations conducted under contracts other than LOF was US$ 100 million. The average revenue from each non-LOF contract was therefore US$ 813,000.

    Wreck removal is an important source of income for members of the ISU and in 2022 there was US$ 55 million from 32 operations (23 per cent of the total income) which was dramatically down on 2021’s US$ 108 million from 56 operations (28 per cent of the total income) .

    Captain Sloane added: “Professional salvors protect the environment, reduce risk and mitigate loss. They also keep trade moving – which is demonstrated so clearly when there are large containership cases. We continue to work closely with key stakeholders to ensure that there is continued global provision of professional salvage services.”

    The ISU statistics are collected from all ISU members by a professional third party, which aggregates and analyses them. The statistics do not include the revenues of non-ISU members but are the only formal measure of the state of the marine salvage industry. The statistics are for income received in the relevant year but that can include revenue relating to services provided in previous years and there can be an element of “time lag”. The statistics are for gross revenues from which all of the salvors’ costs must be met.


2024 April 20

15:02 European ports contend with slow economic growth, geopolitical impact
13:43 AD Ports Group signs strategic agreement with ADNOC distribution for marine lubricants supply
12:17 Stena Bulk completes sale of Stena Blue Sky
10:05 Newbuild ocean tug bolsters growing LNG bunker fleet

2024 April 19

18:02 CMA CGM to strengthen and reshuffle its SEAS1 & SEAS2 services connecting Asia and East Coast South America
17:25 OOCL upgrades Transpacific Latin Atlantic 1/ 2 (TLA1/ 2) service
16:45 The world's two largest hydrogen ships are to be built in Norway
16:15 KEYS Azalea completes first ship-to-ship LNG bunkering in Western Japan
15:40 Port Houston surpasses 1mln TEU mark in Q1 2024
15:29 World's first ammonia dual-fuel Aframaxes to be developed by MISC
14:55 Port of Rotterdam total cargo throughput up 2.0% to 3.3 million TEUs in Q1 2024
14:06 DNV awards certificates for Fortescue’s dual-fuelled ammonia-powered vessel
13:44 Imoto Lines and Marindows launch next-generation zero-emission container ship project
12:41 The Port of Los Angeles and the Port of Long Beach complete a comprehensive Green and Digital Shipping Corridor study
12:20 Ulsan Port Authority signs MOU with Pacific Environment to decarbonize shipping ports in Singapore
11:50 Cavotec signs USD 5 million shore power order with global shipping company
11:22 Rio Tinto selects Alfa Laval OceanGlide fluidic air lubrication with a focus on advancing efficient shipping and reducing emissions
10:45 Steerprop selected to supply main propulsion and tunnel thrusters for Canadian Coast Guard multi-purpose vessels program
10:14 ST Engineering AirX and Bureau Veritas sign cooperation agreement to advance Wing-in-Ground technology
09:38 Solar panels at the Port of Valencia will generate 22% of the energy it consumes

2024 April 18

18:02 DEME wins cable installation contracts from Prysmian for IJmuiden Ver Alpha and Nederwiek 1 offshore grid systems
17:31 RINA awarded contract for Carnival Cruise Line 4th and 5th Excel-class ships
17:18 Cepsa and Evos join up for green methanol storage in Spain and the Netherlands
16:48 ClassNK commences joint research project with JAXA on material compatibility evaluation methods for liquefied oxygen
16:24 Panama Canal announces new measures regarding number of transits and maximum draft
15:50 Kongsberg Maritime secures contract to supply propeller systems to Damen Naval for four Anti-Submarine Warfare frigates
15:24 LR to class Torghatten Nord’s hydrogen-powered ferry duo for Arctic sailings
14:04 CMA CGM sells part of the foreign activities of Bolloré Logistics to the Balguerie Group
13:40 Methanol Institute and SEA-LNG unite against EU trade barriers to biomethane and biomethanol fuels
13:23 DP World launches a new Air Tracking feature to its SeaRates platform
12:31 Port of Los Angeles container volume increases 19% to 743,417 TEU in March 2024
12:16 MABUX: Bunker Outlook, Week 16, 2024
12:11 Coastal Sustainability Alliance boosts development and adoption of maritime biofuel in Singapore
11:43 Ocean Network Express launches reduced emissions shipping service
11:23 Wartsila cargo handling and fuel gas supply systems selected for three new Very Large Ethane Gas Carriers
10:45 Singapore plans production of biofuel blends up to B50 in grade
10:25 Maritime and Port Authority of Singapore and International Energy Agency сollaborate on maritime energy transition

2024 April 17

18:03 Australia and Singapore partner in a $20 million initiative to help reduce emissions in the maritime sector
17:38 EPS strengthens green collaboration with MPA with six Singapore-registered ammonia dual-fuel newbuilds
17:03 HD Hyundai, Scottish firms to cooperate on offshore wind power
16:16 Hanwha Ocean wins 176.4 bln-won order for 1 LPG carrier
15:46 Maritime Book and Claim System advances pilot study to support first movers in zero-emissions shipping
15:00 Port of Antwerp-Bruges cargo volumes up 2.4% to 70.4 million tonnes in Q1 2023
14:47 DOF Rederi AS sells PSV Skandi Gamma
14:24 PIL, CCS partner on alternative fuels and onboard carbon capture and storage
13:44 Total volume of bunker fuel sales at the port of Fujairah increases by 25.2% to 700,918 m3 in March 2023
12:11 Eureka Shipping announces construction of new cement carrier for Great Lakes trade
11:32 MOL to adopt new system to increase capacity and improve operational efficiency of car carriers
11:12 GTT receives an order for the tank design of eight new LNG carriers
10:43 Thailand's Department of Marine and Coastal Resources takes delivery of a new research vessel
10:27 The United States exported a record volume of natural gas in 2023
09:58 TECO 2030 raises NOK 43 million and partners up with Advait in India

2024 April 16

18:04 HD KSOE attains 73% of annual order target in 100 days
17:31 Anglo-Eastern buys Euronav ship manager
17:06 Navig8 takes delivery of the second of six newbuild MRs with emission reducing technology
16:38 IMO’s Facilitation Committee tackles digitalization and autonomous shipping
16:12 World’s largest car carriers ordered with MAN Energy Solutions propulsion package
15:46 Hapag-Lloyd and Seaspan to retrofit five vessels to methanol propulsion
14:13 Asyad Shipping and OQ8 successfully complete first-of-its-kind blended crude oil delivery from Mina Al Fahal to Duqm Refinery
13:54 Hapag-Lloyd unveils its new Strategy 2030
13:14 Singapore aims for over 1 mln tons of low-carbon methanol bunker supply by 2030
12:43 Trafigura to commercially deploy Daphne Technology’s PureMetrics on LNG carrier for precise MRV and optimisation of GHG emissions
12:15 All 12 people rescued from fire on board Tanzanian-flagged cargo ship in Singapore waters
11:49 Drydocks World steel cutting ceremony marks start of UK Norfolk Vanguard Offshore Wind Platforms project
11:23 North Pacific Green Corridor Consortium aims to decarbonize transportation corridor between Canada, Japan and South Korea
10:48 Wartsila offers new high-performance thruster and propulsion control solution package
10:25 Port of Long Beach container volume up 8.3% to 654,082 TEUs in March 2024
09:58 Kalypso Offshore Energy signs LOI with Royal IHC

2024 April 15

18:04 Container shipping costs of S. Korea-EU route surge 40 pct amid Red Sea crisis
17:21 HMM to expand container ship fleet by 2030