The International Salvage Union Reports Modest Recovery in 2024

The International Salvage Union (ISU) has released its annual statistics for 2024, showing a positive trend in the salvage industry. According to the report, ISU members generated a gross revenue of $406 million, a slight increase from the previous year’s $398 million.

In 2024, ISU members provided a total of 191 services, up from 184 services in 2023. These figures, although promising, do not include data from non-ISU members, making them a significant indicator of the industry’s performance.

One notable development highlighted in the report is the surge in Lloyd’s Open Form (LOF) cases, which rose to 29 in 2024 from 16 in 2023. This increase in LOF cases resulted in revenue of $118 million, a substantial jump from $29 million the previous year.

ISU President John Witte commented on the industry’s progress, stating, “These numbers demonstrate a level of stabilization compared to previous years, although they are still below the figures from a decade ago. It is crucial to maintain a strong salvage industry to ensure prompt response globally.”

Wreck removal operations remained a significant source of income for ISU members, generating $205 million from 40 operations in 2024, compared to $193 million from 30 services in 2023. This balanced the income structure, with a typical 50:50 split between emergency response and wreck removal services.

Emergency response services accounted for a total of $181 million, divided between LOF contracts ($118 million) and other agreements ($63 million). Additionally, SCOPIC revenue saw an increase, reaching $20 million in 2024 compared to $9 million in the previous year.

The ISU emphasized that the reported statistics reflect income received during the calendar year, creating a potential time lag in the reporting process. All figures represent gross income in USD, from which contractors must cover their operational costs.