An Assessment of the Current State of the Marine Salvage Industry

摘要

The marine salvage industry has experienced a significant economic challenge in the past two years: income from salvage and wreck removal activity has reduced significantly. Shipping is a cyclical business, and there has been a general reduction in the number and value of major casualties. Contraction in the offshore sector and other competition has increased the availability of a range of operators willing to undertake salvage, adding to pressure on ISU members. This paper will use the most recently available statistics from the International Salvage Union to assess the current state of the salvage sector, as well as considering operational and contractual issues.