Growth in revenue for salvors in 2021 represents partial recovery

Just-published statistics from the International Salvage Union (ISU) for 2021 showed that ISU member gross revenues reached $391m, up from with $301m in 2020.

ISU members provided 189 services in 2021, up from 182 the previous year.

The number of Lloyd’s Open Form (LOF) cases continued to decline, down to 29 cases in 2921, from 40 in 2020. However LOF revenue was up, at $122m, more than double the $60m reported for 2020.

Revenue from LOF cases made up 50% of all emergency response revenue; LOF cases accounted for 15% of emergency response cases in 2021. SCOPIC revenue reached $41m in 2021, up from $24m the previous year.

Revenue in 2021 from operations conducted under contracts other than LOF was $120m, virtually unchanged from the previous year’s $119m. The average revenue from each non-LOF contract was $750,000.

The ISU statistics are collected from all ISU members by a professional third party, which aggregates and analyzes them. The statistics do not include the revenues of non-ISU members, but they are the only formal measure of the state of the marine salvage industry.