The latest statistics also show a historic low figure of Lloyd’s Open Form cases.
ISU President Captain Nicholas Sloane explained the latest figures, saying: “The 2022 statistics show a 38% decrease in the income received by our members compared with the previous year. Emergency response services generated $166 million split between Lloyd’s Open Form (LOF) $66 million and other contracts, $100 million.
The 2022 LOF number of 26 cases handled by ISU members is a record low. They accounted for 40% of all emergency response revenue and 21% of incidents. Special Compensation P&I Club Clause (SCOPIC) revenue fell sharply last year to $21 million compared with $42 million in 2021.
Sloane explained that wreck removal income almost halved compared with 2021, falling from $108 million to $55 million. He said that these types of claims usually vary significantly from year to year but noted a general trend towards a smaller number of larger and more complex incidents.
“The numbers in this survey reflect the period when the world was still fully contending with the Covid pandemic,” Sloane said, “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.
“Professional salvors protect the environment, reduce risk, and mitigate loss. They also keep trade moving – which is demonstrated so clearly when there are large container ship cases. We continue to work closely with key stakeholders to ensure that there is a continued global provision of professional salvage services,” he added.
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